Buying the Lifestyle – Not Just the Home!

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 Ritz Carlton Residences of White Plains NY:

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 Ritz Carlton – White Plains NY – Pricing and Sales History:

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.

For the Latest Information On Sales and listings at the Ritz Carlton:

For the latest on sales stats and current listings  -  feel free to contact  me by phone – (914-374-5529) or email – ( Ruthmarie.Hicks@gmail.com) or  you can simply fill out the form below – whichever method you prefer.  Don’t worry  – I do not sell, spam, or otherwise abuse your information!
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© 2012 – Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

The Broadlawn Complex:

The complex consists of  garden style units surrounded by formal  gardens that including  Pergola and  barbecue area.  Built in 1928, the Broadlawn is know for its Old-World charm and architectural details.  Most of the units at the Broadlawn have  two bedrooms.  Many include such wonderful amenities as fireplaces and  balconies overlooking the formal gardens.  Ground floor units often have private patios.   Many units are duplexes.  The ground floor units tend to be simplexes with patios while the upper floor units are generally duplexes. The Broadlawn was able to forgo raising its maintenance fees last year – which speaks well to its financial stability.  The interior hallways have just been given a facelift and they are also in the process of creating a fitness room on the premises.  All of these are positive steps for the owners and are signs of a thriving community.

The Broadlawn – White Plains – Sales History:

The current sales prices reflect the market correction which has been difficult for all sectors of the housing market.  However, the Broadlawn has held up very well in spite of downward pressure on the coop market.   Median sales prices are down 17% from their highs in 2006  of $348,000 for a 2 BR unit  to a median price of $290,000 in 2011.  1 BR units are less common in the complex and more difficult to evaluate.  Units on the first two levels are generally simplexes while units on the 3rd level are duplexes.  Pricing varies with respect to condition, the presence or absence of a fireplace, balcony or patio.  Some units are “fixers” but the fact that they have been selling fairly well in spite of this market speaks well to the stability of the complex.

The charts below show the pricing history and the sales volume history.  As prices dropped in 2011, sales volume increased sharply.  This is a good sign that the “sweet spot” for pricing has been reached.  Although sellers need to be realistic, the increase in volume indicates that buyers should not be greedy.  Inventory as of the end of 2011 has less than six months of inventory – making this a balanced market.

For the Latest Information On Sales and listings at The Broadlawn:

For the latest on sales stats and current listings  -  feel free to contact  me by phone – (914-374-5529) or email – (Ruthmarie.Hicks@gmail.com) or  you can simply fill out the form below – whichever method you prefer.  Don’t worry  – I do not sell, spam, or otherwise abuse your information!

© 2011 – Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

For those who don’t know the history – downtown White Plains used to be a fairly quiet place.  During the housing boom the downtown became built up an is now thought of as a mini-me Manhattan.  Following the opening of Trump Tower and  the Ritz Carlton – a new tradition was born.  White Plains initiated a new tradition of celebrating New Years Eve in the heart of the downtown – including its own ball drop.  The festivities include live music from 10:30 PM to 12:30 AM.  It is a fun-filled event for the entire family.  Last year I was downtown at around 11 PM and was watching as all the downtown residents started walking en masse towards the music.  Parents with children in tow,  and extended families all getting together as a large community.  Its a terrific way to meet your neighbors and just have a great time with the whole family.   At the stroke of midnight the ball drops and it is topped off by a fireworks display that literally lights of the entire sky.

For those who want to make an entire evening of it and eat out – here are some suggestions….

BLT Steakhouse White Plains - in the heart of the downtown in the Ritz Carlton – $125 pp.  First seating 5:30 – 7 PM, Second seating after 9 PM.

Morton’s Steak House – Downtown White Plains – Maple Ave.

Black Bear Saloon & Wicked Wolff Tavern – Downtown White Plains – Mamaroneck Ave.    are hosting a New Years Eve Bash. The doors open at 9 PM. Tickets are $50 pp and include an open bar.

© 2011 – Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

For more information – you can call 995-4050

• The Event: The Nutcracker Ballet:
• The Place:  Westchester County Center in White Plains NY (118 Central Ave., White Plains NY 10606)
• The Day:  Saturday Dec. 17, and Sunday Dec. 18.
• The Time: Saturday the 17th – 12:30 and 4:30.   Sunday the 18th – 2 PM.
• The Cost: Adults – $20,  Children under 10 and seniors over 65 -  $14, All tickets bought on the day of performance $25.

© 2011 Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

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.

Jefferson Place – White Plains – Sales History – 2006 – Nov 2011*

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.

Further Reading:

Jefferson Place – White Plains NY

For the Latest Information On Sales and listings at Jefferson Place:

For the latest on sales stats and current listings  -  feel free to contact  me by phone – (914-374-5529) or email – (Ruthmarie.Hicks@gmail.com) or  you can simply fill out the form below – whichever method you prefer.  Don’t worry  – I do not sell, spam, or otherwise abuse your information!

© 2011 – Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

Our love affair with big-box stores and rock bottom prices has  come at a price.  Service?  What’s that?  Knowledge of the product? You’ve got to be kidding me?   In addition there have been bankrupt businesses, lost jobs that paid decent wages and less money coming into the community.  Consider this:  when you spend $100 with a local merchant, $68 returns to the community. When you buy at a national chain – only $43 is returned to the community.  Thats a 37% difference in direct  economic stimulation.

White Plains NY has quite a few big-box stores, but there are also many  local merchants  that  are open for business on Saturday and have a great deal to offer beyond the same-old, same-old.  Here are a few of my picks for the weekend.

Magnotta’s Car Wash:

Magnotta’s is  on Central Ave. in downtown White Plains.  Why would I pick a car wash?  Because as a real estate agent that has two dogs constantly in my car – I know they do a good job!  They are also holding their annual holiday blowout sale which includes savings on full service washes and complete detailing services.  I bought my package yesterday and will enjoy the savings.

Westchester Road Runner:

The Westchester Road Runner has been around for many years.  It is located on 179 East Post Road just off of Mamaroneck Ave.   I have been shopping there for a long time and you don’t have to be a runner to enjoy their shoes.  They have just about the largest selection of running shoes around – anywhere.   They are recommended by podiatrists everywhere  who have issues with their feet.  I need to wear rather bulky orthotics due to a severe case of flat feet and my doctor told me in no uncertain terms that this was the place to go!  Right now they offer a woman’s running clinic on Monday night. They have  a great selection of outer wear that we all can use outdoor activity.

American Terrain Outdoors:

Located right next door to the Westchester Road Runner – these two stores complement each other.  American Terrain  tends have a wonderful selection of outer-wear geared to general outdoor activity. Think warm hats, gloves, jackets.  Some of which would make great stocking stuffers.  Last year I bought some Yak Trax from them and they saved my life (or at least my knees) during the messy, icy, winter we had last year while I shoveled snow and walked the dogs on icy terrain.   If you ask, American Terrain Outdoors is offering $10 off a $50 purchase and $25 off a $100 purchase on Small Business Saturday as well as through Christmas Eve.

Straight A’s:

Got a young scholar on your short list for presents this year?   Want to get the kids a gift that educates as well as entertains.   This is a new store  at 180 East Post Road  and it has unique and educational offerings  for kids of all ages.   The former scientist in me spied the science kits in chemistry, physics and DNA. They also had some great simple stocking stuffers in the form of colorful pencils, erasers and other small items for the school backpack.  There was  a lot to take in here.  From tots to teens there is plenty of unique inventory that is  a far cry from the vanilla big-box toy store fare.

So there you have it – Four local merchants ready to do business with you on Small Business Saturday!  Happy Shopping everyone!

© 2011 – Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

Condo and townhouse prices remained stubbornly high – until now….

One of the biggest impediments to downsizing has been the cost.  Single family homes corrected first.  So home sellers who had shrinking home values were making either a lateral move or a move UP to one of those great condos or townhouses they had their eye on.  For several years, these properties stubbornly held tight to their high price points while single family homes tumbled.   This left would be sellers  “stuck.”  Sluggish sales showed us that this state of affairs couldn’t last.  Prices needed to come down – and over the past 18 months – that is just what has happened.   The new affordability will help those with depreciated home values better afford these options. Those fortunate enough to live in areas such as Scarsdale and Larchmont where home values are increasing – have a unique opportunity to sell high (though not as high as 2006) and buy low. Opportunities like that are rare in the housing industry.  So those who have been waitin’ and wishin’ and hopin’ for a better opportunity – now’s the time to think seriously about downsizing.

Here are some great luxury options in White Plains for downsizing:

The Ritz Carlton White Plains NY…*

Prices at the Ritz Carlton peaked in 2008 but went down sharply after that.   Now the prices are actually edging back up with a median price so far this year of $942,000 – down about 38% from the peak according to the Westchester-Putnam MLS.  Of course you get high end luxury and services galore right in the middle of downtown White Plains.  For more information click here for a  web page on the Ritz Carlton.  For those who want convenience and luxury – this is a great choice.

Trump Tower White Plains NY….*

Trump Tower is another luxury high-rise in the heart of the downtown.  Located right next to the City Center – it is at the heart of everything. Just leave the car and walk.  Prices have come way down off their heights with a median price of $645,000 so far this year – well off their $800,000 highs of the previous year.  For more information about Trump Tower click here for a web page about Trump White Plains.

Suburban Townhouses in Southern White Plains…*

For those who still want the feel of a house or who may have some boomerang kids coming back to the nest after college, a townhouse offers the convenience of condo life but the layout of a home.  Just imagine – having a house with no snow to clear, now flower beds to weed and no gutters to clean!  Prices on townhouses have been adjusting over the past year and are down close to 19% from their peak with a current median price of $780,000.

*Note about the charts:  The red bars represent the period before the market correction.  Note that the correction came at different times for townhouses  – which is a natural part of the process.  The green bars represent the years since the correction and the orange bar represents the current year.   All  data was compiled from the WPMLS – Please note that the townhouses include single family home and condo listings.

© 2011 – Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

Gambling on lower prices and lower interest rates….

People think that if they haven’t made a decision to buy that no decisions were made.  That makes them feel “safe”.  NOT TRUE.  The buyer made a decision and that decision was to punt.   So in reality, the buyer is rolling the dice that the market will decline more or at least not improve.   They are also gambling that interest rates will remain at record lows.  As one famous blogger (Lenn Harley) puts it to her buyer clients “The market will bottom six months before you decide its time to buy a home.”

Looking for local real estate  trends…

All real estate is local.  National numbers are next to useless in determining where any one local market is going.  One way to peek behind the curtain and try to glean what is going on in the location of interest.  Another tactic is to look at surrounding communities  that influence real estate values in the area of interest.

White Plains Single Family Homes..

The chart below is of median prices over the past several years.  The big knife fell in 2009 when prices dropped 12%.  They were bolstered a bit in 2010.  So far in 2011 the trend has been down – however – that 7% is skewed somewhat by the type of housing that sold.   In 2010 – roughly 7% was at the low end (entry) level  but  in 2011 15% of the sales were entry level… while 15 % were at the highest end of the market.   In 2010  the higher end accounted for over 20% of the sales.    From my gleaning of  the MLS data, prices drifted down about 3-4%.  This indicates that price drops are slowing and you are bouncing along the bottom.

For all the charts – the red bars indicate prices before the market started to correct, the green bars are after the correction and the orange bar represents the current year. All data is derived from the EAMLS (Empire Access Multiple Listing Service).

Neighboring Markets Help set the trend….

The White Plains market is influenced by other neighboring markets in.   Manhattan   is key and  moving up in price and volume.  Mitchell Hall had an excellent Q3 report of that market.  In addition, markets in neighboring towns exert a major influence and can help us glean what is likely to lie ahead for White Plains.   Markets such as Scarsdale, Mamaroneck and Larchmont tend to be resilient. .  People want to live there and when prices go down – those that couldn’t otherwise afford these areas rush in to buy while the prices are affordable.

As you can see from the charts below – these markets are on their way back up.  They were a bargain in 2009 – but not so much anymore.  White Plains is where many buyers go when these areas become less affordable. White Plains is  a great alternative with housing prices that are generally lower and taxes that are more affordable than the likes of Scarsdale and Mamaroneck or Larchmont.   With prices heading higher in the surrounding areas – these areas are rapidly becoming less affordable.   But White Plains is STILL on sale…at least for the time being.   Given where these other markets have been heading -  White Plains is likely poised for a strong recovery in the foreseeable future.

So you can make a decision not to make a decision and wait (as Lenn Harley says)  until  “six months after the market hits the bottom” in order to buy.  Of course that ensures that you will miss the bottom of the market and many of the advantages of a buyers market.  So you see, staying on the fence is not necessarily “safe”.

©2011 – Ruthmarie G. Hicks – http://thewestchesterview.com

Over time, circumstances change and neighborhoods often have to change with them.

This is very true and can not be denied.  Change is the only constant in life. Nothing stays the same  Neighborhoods who are not open to any change will be left behind going into the future.   But that does not necessarily mean that every change proposed by a developer is  always good or even desirable.    Developers and  landowners generally  are looking to get the most out of the property in terms of dollar value and this runs head long into the needs of the neighborhood and surrounding homeowners.   Of course this leads to clashes and conflicts of interest.

When buyers purchase a home – they are buying the neighborhood and the lifestyle.

In the case of the FASNY proposal – the school would present a monumental change to the neighborhood that would alter it forever.   The difficulty here is that it would definitely impact home values and that impact would range from a moderate reduction in home values for properties not directly adjacent to the facility  to severe depreciation  issues for about 40 homes that are in the “line of fire.”  I don’t care how FASNY tries to spin this situation.  The single family homes for which the property zoned for would be far better for the overall value of the surrounding homes than a large school and the facilities proposed.  The traffic issues alone are cause for concern, but the sheer size of the facility and the parking required  is just over the top.

Buyers bought their home in good faith and understood that the golf course might be sold someday.  They imagined the possibility of low density housing as per current zoning regulations  – not a facility that would bring 1200 cars twice a day that has several massive buildings,  baseball fields, tracks, soccer fields complete  with dugouts, lighting  and  lets not forget parking for close to a 600 cars.   This type of development is a total betrayal of the zoning and its intention.   Homeowners are up in arms and who can blame them?

Does that mean all change is bad?

No, not necessarily.  Times change and the needs of the community change with it.   There is nothing wrong with that.   One problems facing some suburban areas is the growing popularity of walkable neighborhoods.  Some areas that prided themselves about being purely residential may have to accept light commercial construction in the form of shops and dining or become dinosaurs of a bygone era where the car was king and everyone drove to buy so much as a quart of milk.

Small subdivisions which add a few homes here and there should be encouraged.  A slight increase in density puts more homes on the tax rolls without interfering with the underlying character of the area.  It also allows property owners to mitigate the losses sustained in this terrible market.

Keep your eyes on the prize – its the big picture that matters…

Many small projects are trounced by overly enthusiastic environmentalist types – who can claim to have won a battle.  But in the end this makes them lose the war.  By focussing on  what they can win – they often lose credibility  and fail to win the battles that must  be won.    Rather than being labeled trouble makers and tree huggers, citizens who are worried about open space should focus their attention on developments that would cause significant harm to wetlands or the character of a neighborhood.  Although I am a noted tree hugger – we have to know when to hole ‘em and know when to fold ‘em.

What is the big picture?

In White Plains it is the large tracts of undeveloped land in the south end of town that include the Ridgeway Golf Club (now owned by FASNY)  The Westchester Hills Golf Club, the land owned by New York Presbyterian that encompasses about 300 acres, the Burke Rehabilitation Center, among others.

These areas contain delicate wetlands near major flood zones that extend through the south end of our city and into our  neighboring towns and villages  – most notably  Mamaroneck which has been hit hard several times in the past few years.  Should White Plains “get it wrong” with respect to development we could expect severe flooding in the south end  of town as well as litigation from our neighbors to the south.   FEMA has been active in  the town of Mamaroneck twice in the past four years.  Most recently in the wake of Irene.

First, do no harm….

White Plains needs to get this right.  Too many large tracts of land are at stake. They need to respect the zoning ordinances in place when people bought their homes.  Changes where needed, need to conform to the character and intention of the original ordinance while  allowing for changes when those ordinances are no longer practical or doable. If White Plains isn’t careful they will find that zoning regulations  will become mere suggestions with loopholes the size of the grand canyon for developers to march through.  The city has  to avoid a free-for-all among developers at all costs. Further, the council needs to show that it will stand pat against the threat of frivolous litigation when frustrated developers fail to get everything they want.   And in all cases White Plains needs to ensure that  ensure “do no harm.”  particularly with respect to flood planes both local and  further afield

Further Reading:

Zoning Schmoning – we can get around that!

© 2011 – Ruthmarie G. Hicks  – http://thewestchesterview.com – All rights reserved.