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.

Homes in the Village of Larchmont:

Homes in the village of Larchmont feature tree-lined streets and pre-war homes packed with Old-World charm and character.  They range in style from rambling Victorians with wrap-around porches, graceful colonials and impressive Tudors.   Typically, the homes in the village sit on smaller lots, though there is still a feeling of space and privacy.  These are mature neighborhoods with old-growth which adds to a sense of privacy.

Convenience is a very big amenity of this part of Larchmont. It is easy to leave the car behind and walk to shops and fine dining.  Many leave the car and walk to the train and end up doing their shopping on their way home.  Most locations in the village are eaily accessible by foot to Metro-North.   Walk Scores range from very walkable to walker’s paradise – which is very unusual for single-family home neighborhoods.

Homes in Larchmont Manor:

As a general rule, Larchmont Manor  features bigger more expensive homes on larger lots.  The streets are graceful and meandering with the mature growth that characterizes a long-established neighborhood. Located on the other side of Boston Post Rd., the area is slightly less accessible to shopping and dining withou the car.  It makes up for it with more spacious homes,  some feature water views of the Long Island Sound.

The area boasts the beauty of  Manor Park and the Larchmont Yacht Club.

The walk score in this neighborhood ranges from very walkable to car-dependent.

Larchmont Homes – Median Sales Prices:

All data comes from the Empire Access MLS (EAMLS).  This first chart shows the pricing before the crash and following.  The red bars are the years prior to the crash of 2008 and the green bars are 2009, 2010 and 2011 respectively.  In 2006 the median sales price was $1.226 million and that peaked in 2008 to $1.343 million.  In 2009 that number abruptly “corrected” to $907k and rose to $1.243 million in 2010 and now rests at $1,053,000 for 2011.   The decrease in median reflect a decrease in 3-4 BR homes.  Larger homes with 5+ BR’s have actually gained back the ground that they lost.  There was in an increased number of sales in the fixer market at the entry level this year.  But median prices were indeed down slightly in an apples to apples comparison.   This may have been a reflection of the the expiration of the first time homebuyers tax credit  which would impact smaller homes more than larger homes.  Median prices for 3-4 BR homes remain about 17% below the values attained near the peak in 2007.

Larchmont Homes – Sales Volume from 2006-2010:

The sales volume before the crash  went from 78 sales in 2006 to 48 in 2008.  Once the crash of 2008 happened sales volume stayed nearly the same for 2009 but at severely reduced prices.  That ground was recovered in 201o and increased again in 2011.   These numbers indicate that this market is shifting from a buyers to a sellers market.  The increase in sales volume is a key indicator of a recovery in progress.

For the Latest Information on Sales and Listings:

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!

Larchmont NY PO – Median Sales Prices:

The big bad bear market has actually been very kind to Larchmont Village and the Larchmont PO. While other areas of Westcehster NY are still in the doldrums, Larchmont homes have been selling at a fairly brisk pace and prices have increased. This first chart shows the pricing before the crash and following.  The red bars are the years prior to the crash of 2008 and the green bars are the years following the crash.   In 2006 the median sales price was $998k and that peaked in 2008 to $1.125 million.  in 2009 that number came crashing down to $905k and has risen steadily to nearly $1.1 million this year.  This has been a strong come-back.

Although the market in the area has recovered quite briskly, the pace of recovery has varied somewhat between smaller and larger homes.  This chart contrasts the differences between 3 and 4 BR homes. In general, with a few caveats, the homes under 2000 sf with fewer bedrooms have recouped less ground than their larger counterparts.

Larchmont NY PO – Home Sales Volume:

The sales volume before the crash  went from 94 sales in 2007 to 72 in 2008.  Once the crash of 2008 happened sales dropped to 51 for 2009 but recovered in 2010 when it went back to 95 sales.  2011, although slightly lower in volume, was noted for its competitive sales.

©2012RuthmarieG.HicksAll 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.

Real estate in Scarsdale NY has a remarkably sparse number of cooperatives located within  theScarsdale municipality. The famous Garth Road cooperatives – though conveniently located with resepect to Metro-North and village shopping, are not truly in the Village of Scarsdale. If you are looking  a cooperative that is located in the Village of Scarsdale with easy access to the train station as well as shops and Scarsdale restaurants, then the Chateaux of Scarsdale is one complex that  fits the bill. The location couldn’t be better for the commuter -  you can even grab a quick morning drink at Starbucks on your way to the train platform.

The Chateaux in Scarsdale NY:

The Chateaux is an elegant  pre-war  garden complex located just off of East Parkway on Chauteaux Circle.  Mature growth gives and the unique garden-style buildings a  tremendous amount of grace.  The setting is peaceful in spite of being in the middle of the village.  And you can’t ask for a better location.  You can easily leave the car for day to day errands.  Shops are just around the corner, dining out is just steps away.

The Chateaux – Recent Pricing  & Sales History:

Up to the end of 2010 there were some very sturdy markets that appeared to be immune to the gyrations of the housing recession.  Certainly, Westchester is far more resistant to correction than other parts of the country.  But in 2011 this market, that had resisted a major correction, finally corrected…and the correction was severe because it came all a once.  1 BR units fell from a median price of $249,000 to $192,00 – a near 23% decline.  2 BR units fell from a median of  $545,000 to $375,000 – over 31%.   This correction in higher end cooperatives has also been seen in the Larchmont P.O. where the price drop has also been over 30%.  These areas represent the highest end of these markets in areas that are close to the train and have sought after school systems.

*The Chateaux is a smaller complex so statistical data is difficult to relay reliably.   The asterisks indicate years in which no sales were recored So  I kept the median price the same as the previous year.

Although sellers have to be very realistic when listing their coops, this represents a rare opportunity for buyers.  Buyers should be grabbing on with both arms because this could truly be a once-in-a-lifetime opportunity to get in at the ground floor with affordability that hasn’t been seen for over a generation.  It really doesn’t get much better than this and buying now beats renting hands down. It’s not even close when the overall outlay is examined carefully. With rents increasing rapidly, I have to ask – yet again – what on earth are you waiting for? If you are rejecting the 30% off sale hoping to get a 50% off sale – you are taking a very big risk indeed.

© 2012 – Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

The area couldn’t be more convenient.  It is highly walkable, you can leave the car behind for most of your day-to-day errands.  A 10 minute stroll puts you on a Metro-North Train to NYC.  The trip to Grand Central station in midtown is a mere 29 minutes by express.

Scarsdale Manor Complex:

Scarsdale Manor like many of the buildings surrounding it,  is a pre-war complex which is reflected in the grace of the structure and the grace  that the units inside convey.  A 1 BR unit can range in size from 725 – 950 sf while 2 BR units range from 900-1250 sf.  Many of the 1 BR units are sold as Jr.4’s  when they have a separate dining area.  Many of these units have been renovated from top to bottom allowing buyers to enjoy the best of the old as well as the new.  And speaking of modern amenities, the complex is wired for FIOS, Cablevision and Direct TV.

Scarsdale Manor – Sales History:

The sales history at Scarsdale Manor reflects the general market on Garth Road in the Scarsdale PO.  Prices for 1 BR units are down about 18% from the peak while 2 BR units are down about 16% from the peak prices  As of the end of 2011, the median price for a 1 BR unit in Scarsdale Manor is about $180,000 while the median price for a 2BR unit was $270,000.  Thats down from a peak of $220,000 and $320,00 respectively.   The area has held up relatively well when compared with other municipalities.  The proximity to NYC as well as the walkability of the area contributes to the ability of the complex to sustain these price points.  The lower volume over the past year may indicate that prices that are still declining – but for most part, the air appears to be out of this market and buyers would do well to take advantage of a near 20% price drop along with the very low interest rates that are now available.  By doing so it is easy to “lock-in” a low cost of living that if interest rates rise, we won’t be seeing again.

The charts below show the median prices before (in red)  and after (in green) the market crash of 2008.  The market for 2 BR units responded more strongly to the tax credit with an uptick in prices for 2010 – only to have the gains erased in 2011.   The sales volume is of slight concern.  This often indicates that the market is still declining.  Sellers certainly need to be realistic in their pricing.

For the latest  listing and sale information on Scarsdale Manor:

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.

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.

Although Garth road bears the ever popular Scarsdale PO, the coops on Garth Road are located in the municipality of Eastchester.  But for all practical purposes, the location is is just like living in the Village of Scarsdale.  Just 30 minutes from Grand Central Station – the location is ideal for commuters.  For most residents, the train is less than a 10 minute stroll away.  The village of Scarsdale is equally convenient. Leaving the car behind is easy in such a prime location – easier in fact than for many people who actually reside in the town of Scarsdale.

Like most cooperatives, the bulk of these complexes -particularly those close to the train and town are prewar buildings with a great deal of character.

The complexes of Garth Road Scarsdale:

• The Northgate – 105 Garth Road
• Eton Lodge  - 117 Garth Road
• Eton Hall – 127 Garth Road
• The Kenilworth – 142 Garth Road
• Colchester Hall – 143 Garth Road
• The Craigswald – 187 Garth Road
• Scarsdale Manor – 174-198 Garth Road
• The Thornycroft – 209 Garth Road
• Garth Essex – 230 -260 Garth Road
• Garth Woods – 235 Garth Road
• The Buckingham – 253 Garth Road
• Garth Manor – 281 Garth Road

General Sales History and Pricing on Garth Road:

Cooperative complexes across the county have undergone a major market correction over the past few years.

The charts below show an overall decline of  of roughly 20% for both 1 BR and 2 BR units over the past six years. Median prices for 1 BR units have fallen from $214,000 to $171,000 since 2006.  For 2 BR units the price drop has been from a median sales price of  $344,000 in 2006 to $273,000 in 2011.  Although sales volume is well off from the peak of the market, it is healthier than some other areas and the decline has leveled off – and at these prices, it is likely that demand will increase significantly in 2012.  Certainly it is far cheaper to purchase a cooperative than it is to rent anything comparable.  So this will drive buyers into the market in the near future.

Right now,  buyers should consider these complexes to be “on sale” and be ready to take advantage of what this market has to offer.  Waiting for the 35-40% off sale that may never happen, may prevent you from taking advantage of the 20% off sale.  Sellers need to be realistic.  It is no longer 2005-2006 and it could be a long time before we see those prices again.

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

The Stonecrest – 21 North Chatsworth Ave – Larchmont NY:

The Stonecrest, located at 21 North Chatsworth Ave Larchmont  is a luxury cooperative in a doorman building – located roughly two blocks from the train station.  The stately Pre-War Tudor complex boasts  one of the finest locations in the area.   The Roughly two blocks from the train station and a similar distance to shopping and fine dining,  I am hard pressed to think of a more convenient loation.  The address has a walk score of 92 out of 100 making it a walker’s paradise.

The units  have high cove ceilings and spacious layouts. Most get a great deal of natural sunlight.  Parquet hard-wood floors are also a marvelous benefit of living in an older complex. An interesting bit of trivia: Lou Gehrig and his wife called the Stonecrest his home until 1940.

Recent Sales History at the Stonecrest:

The following charts below show the pricing history from 2005-2011.  The sales volume in the complex is fairly low so statistically significant numbers are difficult to come by.   I’m using 1 BR units for the statistics that are roughly 750 sf or larger for the charts because they have had far more consistent sales over the years.

The charts below show the depreciation in 1 BR units that have occurred since 2006.  Peak years are in red,  The initial drop in prices occurred in 2007 when the housing peak slowed down.  Prices went down about 18% from roughly $322,000 to $264,000.  Prices  reached an equilibrium that lasted almost four years to the end of the tax credit.  Those years are depicted in green.  When the tax credit ended, the market for coops generally ground to nearly a halt.  When sales picked up again, the knife finally fell on values. This final drop appears to be about 33% with the current year (in blue) at a median price of $175k.

For 2 BR units it is less clear because there are gaps where no sales occurred and there are several years in which unusually large units were the only units sold.  The pattern was difficult to work with and not statistically significant so there is no chart.  For “average” 2 BR unit from 1100-1200 sf the price drop also took place in two bites.  There was an initial 12% drop from about $384,000 to $335,000. Now the median price for that size unit is about $257,000 for about a 23% drop.  The numbers here are smaller, so reading too much into these numbers would not be wise.  A great deal has to do with layout and overall condition.

In general, the major fall in prices occurred somewhat later than in surrounding areas.  This reflects the allover  sturdiness of this market.   The area is sought after and the result is that it is one of the last areas to take  a big fall.  It stands to reason that it will be one of the first to recover.  At this point, although the decline looks absolutely sickening, it represents a terrific buying opportunity.   Buyers should be grabbing onto these bargains with both arms if they have the means to buy at this time.

For the latest updates on sales and listings at the Stonecrest:

Feel free to contact  me -

by phone at  (914-374-5529)

by email at Ruthmarie.Hicks@gmail.com

For more information about the Stonecrest go to my web page – The Stoncrest.

]]> http://thewestchesterview.com/2011/12/03/market-update-the-stonecrest-21-n-chatsworth-ave-larchmont-ny/feed/ 0 http://thewestchesterview.com/2011/11/26/small-business-saturday-stores-to-visit-in-larchmont-mamaroneck/ http://thewestchesterview.com/2011/11/26/small-business-saturday-stores-to-visit-in-larchmont-mamaroneck/#comments Sat, 26 Nov 2011 16:57:45 +0000 Ruthmarie Hicks http://thewestchesterview.com/?p=3837 This is my final post in this series but just because Small Business Saturday ends today, doesn’t mean you shouldn’t bookmark these posts and visit them during the holiday season and beyond.  Most of these suggestions have been on the Westchester View before.  I had a rather busy black Friday – people were shopping for homes as well as for the holidays.

Recologie:

Located at the corner of Palmer and Larchmont Ave.,  this is a store that lends it self to reviews….I couldn’t put down my camera when I wrote a review last September. Everywhere you turn around there is something very unique. I was in the store yesterday and they are having specials for Small Business Saturday.  I love going in there because there is always something new and totally unique in there.  Here are some new things that stirred my interest:

That slick black bag is actually ribbons of FILM crocheted together. Far from funky, It’s really slick and certainly a conversation piece.  The iPad cases that come in variety of colors are recycled from wet suits and the marvelous bracelet is constructed from beaded safety pins.  That only scratches the surface…So be sure to stop by.

The Voracious Reader:

Although I couldn’t stop by – this is the best place to visit to unwind with a cup of tea at  A Proper Cup and the kids can explore the many marvelous offerings.  I wrote a review for both A Proper Cut and The Voracious Reader earlier this year.

HomeMade Pizza Co:

Tired after all that shopping?  Don’t want to cook?  Don’t feel like eating out either?  Just place an order at HomeMade Pizza on Palmer Ave.  You will get a pizza that is ready to pop into the oven.  I have tried this and it is truly a wonderful treat.  A great meal in the comfort of your own home, at your own time frame with virtually no muss and no fuss.