So what exactly is the suburban millennial paradox? I decided on this title because it best described what I would like to think about as a major shift in home buyer preferences from the boomer/genX generations to the millennials.
Archive for the 'Communities' Category
Recently, Inman News wrote about commutes across the country. Not surprisingly, the NYC commute was rated the longest in the nation. So its no small wonder that commuting distance (read commuting TIME) plays a big role in determining home values. For many home owners, their home values have become something of a crap-shoot. Take away train line or even just at station stop, add major congestion on primary local arteries and those who were previously sitting on pretty pile of equity may see it all go south.
Scarsdale has always been a famous Westchester location. It has a panache that is all its own. Often with very good reason, I might add. It is a lovely town and the village center has tremendous old-world charm.
Larchmont is a village and P.O. in the town of Mamaroneck. As such it is part of the Sound Shore portion of lower Westchester, hugging the Long Island Sound on its eastern point.
The Larchmont market, like other markets along the Sound Shore, is an appreciating market. It is one of the most popular destinations for those seeking to move to the suburbs from Manhattan or one of the other boroughs. The bulk of this market is the single family home market. There are several very popular cooperative complexes along with a brand new luxury condo complex (The Cambium) that has just started closing their first sales at a good clip.
The Mamaroneck market, like other markets along the Sound Shore, is a very active one that is appreciating in value. By far the biggest part of this market is in single-family homes, although there are several very popular condo and co-op complexes, many near the center of town and the Metro-North station.
In previous post, Downsizing – The waiting game, I alluded to the winners and losers in the new urbanization. This time I decided to delve a bit more deeply into the matter and share some thoughts on the topic generally. This is not about real estate specifically, but more about creating a vision for outlying areas in our towns and cities.
Westchester is home to many towns villages and cities. It can all be more than a little bit confusing. We have several cities including Cortlandt, Mount Vernon, New Rochelle, Rye City, White Plains and Yonkers. The towns are often subdivided into villages and hamlets which can create a hodge-podge of confusion.
The White Plains housing market has been trending upwards since the bottoming out from the housing crisis of 2008. The popularity of White Plains has been increasing over the years, particularly in the downtown. Many non-residents think of it as strictly a city until they see the charm of the outlying suburban areas. These represent two distinct markets for White Plains and both are doing well.
Recently, I have been posting about the bull market in Westchester NY. Well, new construction is always a sign of a bull housing market! On Nov 19 the LCOR project at 55 Bank Street had its ground-breaking ceremony on a complex that when complete, will add 561 vitally needed units to the housing stock.