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.

So after we saw the development, I went for a walk on the RiverWalk that runs right behind the complex.  (The complex – now in Phase II is right on the river.) and took some photos.  Basically I started with a wide-angle lens and moved to  a tele photo.

The first picture is of the Tappan Zee Bridge.  The Manhattan skyline can be faintly seen under the bridge with the wide angle. The second picture was with a zoom lens – it gives you a perspective of where the Manhattan skyline is in relation to the TZ bridge.  The final was when I zoomed in on the skyline itself.  I’ve taken photos from this perspective before, but it was such a clear – if blustery  day, that the skyline really “popped” particularly with the color of the sky.

Hope you enjoy these – they were fun to take.

© 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.

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.

Have a very happy and sunny Friday!!

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

Sales Price History at Trump  Tower White Plains NY

The chart below depicts the sales price history at Trump White Plains.   The red bars represent the years before the crash through 2008.    The green bars depict the years following the crash and the bar in purple represents the present year which has over one quarter left to it.  As you can see, sales prices peaked in 2006, right after the complex opened. Prices remained high, but not as high through 2009.  Then the sharp drop in median price from $775,000 to $670,000 happened in 2010. Since that time prices have made some additional drop of about 3.7% but sales volume indicates that prices are stabilizing.

Sales Volume at Trump Tower White Plains NY

The sales volume tells the story.  Trump is definitely selling well this year which is a strong indication that prices have hit that sweet spot where they contracts are being made and are holding together.  After plummeting in 2009 – sales were back with in 2010 – and are standing strong in 2011.  Although sellers have to be realistic – so do buyers.  I’m seeing a lot of low-ball offers that lose in the end.  If everyone is realistic – there’s plenty of great buying opportunities.

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

Recently, I’ve had quite a few buyers interested in the Ritz Carlton – but many are confused about the pricing thinking that the inventory overhang is a recipe for a falling knife in terms of prices.  These are uncertain times and I understand some of the concern, but you have to look at more than the number of units that have yet to be sold.  This is particularly true of new construction.  You have to look at demand – whether it is increasing or decreasing as well as trends in actual sales prices.

Sales Price History at the Ritz Carlton White Plains:

The chart below depicts the sales price history.  The red bars are the two years – from the opening of the Ritz – to the crash of 2008.  The green bars depict the years following the crash and the bar in purple represents the present year which has over one quarter left to it.

The pricing shows something far more robust than perhaps many potential buyers were hoping for.  Prices dropped sharply as the knife fell in 2008.  But 2010 show prices inching up and that trend has continued in 2011.

Sales Volume at the Ritz Carlton White Plains:

But the proof is really in the sales volume.  Sales volume had already collapsed in 2008 and actually increased slightly in 2009. But there was a surge in sales in 2010 which has continued into 2011.   Sales this year are only one unit shy of the  entire 12 months of 2010.  There are also several pending sales with another quarter to go.

Listen up buyers… There are two issues here:  They involve price and cost.  And quite frankly – in both cases,  you have won the real estate lottery! Plain and simple – it doesn’t get much sweeter than this.  The price increases are not stalling sales volume – so you might be wise to get while the getting is good.  Prices are still off their highs.  The second issue is interest rates.   Affordability is where it was when Eisenhower was president.  If you are under 40, I promise you that you do not understand what an amazing gift these interest rates are.  You will – when they are gone – and once they are gone it is unlikely that you will ever see anything like this again in your lifetime.

As for inventory overhang – a large overhang is expected in new construction.   Now that the units are selling again – it is not an issue, nor does it appear to be dragging prices down.  You can not put new construction in the same category as resales – where a large volume of homes does impact the market.   The market for high-rise units in Westchester was pretty scary for a while, but these stats point to a pretty robust situation.

For more detail feel free to visit my web page:  The Ritz Carlton.

For those who like these videos  here is the link - Simon’s Cat by Simon Tofield.

Today  was cool and comfortable.  So Jade tagged along when I went out in the late afternoon….I was taking some photos quickly and when I came back to the car to put my camera away – there she was – apparently she had been tracking me and was looking out the back window…..I actually was able to grab a quick shot….since I already had the camera handy…

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

On this Memorial Day I think it is fitting that we take a look at how our Veterans are fairing.  After all, we have been at war for nearly 10 years and many serving our country  have been on multiple deployments.  Sunday Candy Crowley of CNN addressed Veterans issues in depth on her show “The State of the Union”.  She had several segments on Veterans affairs – two of which I have embedded on this post.  These interviews revealed some shameful facts:

1. Suicide rates among veterans returning home run higher than mortality rates on the field.

2. It can take in excess of one year for Veterans to receive the benefits that they need.  What they are supposed to do in the meantime baffles me. But that might well explain the suicide rate above.

3. The unemployment rate for Veterans – specifically young veterans is a staggering 27%.

In a fair, just and moral society this is just simply unacceptable.  We need to do better.  So remember, if you an employer and you are in a position to be hiring – consider a Veteran.

© 2011 – RMGHicks – http://www.therobberbaroneconomy.com – All rights reserved.

Remembering Our Veterans on Memorial Day