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.
Most empty-nesters eventually want to downsize and many are exploring their options. For most, the issue isn’t a matter of if, but when. Its both an emotional and financial decision that on a scale of 1-10 rates an 11 on life-changing events.
Complicating matters is an underlying issue that often takes empty-nesters by surprise. What they are finding is that even though their home is rising in value, the housing recovery has been very uneven and often not working in their favor.
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.
For many home buyers, one of the biggest considerations is the local school system. The Westchester school systems are quite well know for their excellence. But they are also a crazy tangle of districts overlapping towns and villages. For example, a post office address of Scarsdale can put a home in either the Scarsdale, Edgemont, Eastchester or Yonkers school district. And if that doesn’t give you a migraine, remember that that’s just one post office address. A good agent can help home buyers navigate this maze.
Where we can’t be of much help is when buyers ask specifically about the quality of individual schools or school districts. I am often in the position of having to say that I can not offer an opinion on this very important issue. Steering laws forbid us from weighing in on issues of this nature.
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.
This is the final installment of my short series on the state of the Westchester housing market and today I will be talking specifically about move-up buyers.
As I said in my last podcast, people are always asking me for quick “market updates”. Today I’m going to give another quick assessment of the current Westchester market. The last podcast targeted first-time buyers. This podcast is about empty-nesters and others wishing to downsize.
People are always asking me about “how the housing market is doing”. Although I haven’t gone over the final stats from 2015 on the Westchester housing market, I am going to give an anecdotal response to this question in advance of doing my total geek dive into the land spreadsheets, numbers and graphs.
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.