Westchester NY real estate has been heavily impacted by the financial storm of 2008. In some areas, the storm continues to brew and in other areas – there seems to be light at the end of the tunnel. White Plains NY homes are no exception to the rule. Last year saw a marked decline in the prices for single family White Plains NY homes for sale. Although there were significant declines in the condo an cooperative markets, these did not match what happened to single family homes. Sales volume was sluggish in spite of a strong buyer’s market.
The first quarter of 2010 the single family home market, is showing signs of strength. While the condo and cooperative markets appear to be showing signs of greater weakness.
Cooperatives – White Plains NY:
The average sales price of a coop in White Plains is down 16.4% over the 4th quarter of 2009 at $184,000. There were 29 sales recorded on the WPMLS in Q1 and the current inventory has 172 listings. Using these numbers there is nearly an 18 month inventory on the market – indicating significant weakness and a depreciating market. Contracts and pendings are encouraging – but assuming all of these contracts end in a sale – which never happens - there is still a near 10 month overhang of inventory. The bright spot in the market is that sales volume is a good deal higher – up 45% over last year when the markets were virtually frozen.
This is a market that represents opportunity for buyers and requires sellers to be very realistic. The pricing a the Broadlawn reflects this trend that is being seen throughout the White Plains market.
Condos – White Plains NY:
The average price of a condo in White Plains NY has gone down 14.8% from the first quarter of 2009. The average price of a condo in White Plains fell form $460,000 to $392,000. 23 sales were recorded on the WPMLS during the first quarter with an overhanging inventory of 161. That leaves a nasty 21 months of inventory on the market making this a strong buyer’s market. However contracts and pendings make this picture look a lot brighter and indicate an 8 month inventory. The reality probably lies somewhere in the middle of these two numbers. But either way, buyers have a strong upper hand. As with coops the volume of sales for Condos in White Plains is up 43% from Q1 2009.
The price range is interesting to note: In 2009 the high end of the market was not moving at all – this has changed. The price range according to the MLS ranged from $135,000 for a small studio to $1,220,000 at the Ritz Carlton.
Single Family Homes – White Plains NY:
Surprisingly – single family homes saw a price increase of 8.2% with the average sales price coming in at $643,000. The number of sales closed on the WPMLS was 39 – an increase of 34% from the totally stagnant market of Q1 2009. Although encouraging, a closer look indicates no true price increase. What we appear to have here is resurgence of sales at the upper end – skewing the data higher. This follows the pattern in the condo market. The number of months of inventory on the market 11 months if you look at closed sales, and 7 months if you look contracts and pendings.
This is a market that is showing a bit more strength than some other markets. It is still very much a buyer’s market. But the steep dip in prices that was 2009 has created a more healthy market in its wake.
This has been a most unusual spring. It’s been up to 80 and down to 30 degrees all within the space of a day or two. We had a “hurricane without a name” that caused untold damage. But over the past few days we have had the most brilliant and colorful blossoms against a background of dark cloud cover. The light filters through the dark clouds creating an eerie and often surreal effect. The bright spring greens and pink blossoms against the gray sky is haunting. I finally had my camera on me. These photos were taken in White Plains NY on Mamaroneck Ave – on the outskirts of Gedney Farms. Years ago, White Plains Beautification planted cherry trees along the median of the main road in White Plains. These trees extend from the Southern tip of White Plains to the beginning of the downtown area where the median disappears. The result is a very colorful entry point to the city for a few weeks each year. Enjoy the pictures. I’ll be taking more!
Happy Friday – a day late. Someone sent me a link to the full version of this. My friend thought it was really cute -but couldn’t figure out why she liked it so much. I feel very much the same way…Its a lot of fun although normally this isn’t something that I would choose for my blog. So in the end I decided to embed this for everyone. The full version is not able to be embedded – so if you enjoy the shorter excerpt – here is the link to the full version on YouTube. Have fun with it…I love the how the hippo rolls his eyes at the annoying dog while he tries to perform his solo.
White Plains is a wonderful city. A great place to live and work. However, over the past few years, White Plains has had its problems. That includes a fiscal crisis that has been brewing for years. Moody’s had warned the powers that be that our bond rating was in jeopardy because we were too dependent on our sales tax receipts to sustain our expenses. We only needed a small recession to send us over the edge.
So what did we get? We got the worst recession since the Great Depression. Since much so much of the revenue flowing into the city was retail -based, the finances White Plains haven’t slipped over the edge – they’ve been driven off a cliff.
Jon Stewart is one of my favorite comics. Although he definitely leans to the left – he tends to call it the way he sees it. He makes fun of everyone – when it is warrented. Recently, he did a parody on Glenn Beck and his blackboards and what many would consider his wild conclusions. But earlier this year, he gave equal time to Keith Olbermann who clearly went over the edge on the election of Brown the United States Senate. Here are two videos – one making fun of the right and the other making fun of the left.
All I can say about both is that Jon Stewart ROCKS!
Second, I don’t have a crystal ball. I can only use common sense to look ahead. The only thing I know is this: What goes up, must come down – and what goes down, eventually goes back up. We can also look to the past in order to better see the future.
How I stole a house in 1996:
The year was 1996 and willy nilly I found myself thrown into the housing market. There were no incentives out there, no $8000 tax credits, interest rates were hovering between 7-8%. The country was MIRED in a real estate recession that seemingly had no end. Few were buying – and those that were – were offering low ball after low ball. Homes languished on the market for months if not years.
But I needed to move. I moved back in with my mother when she became ill and now she had passed on. It was time to sell the big family home that had housed three generations of my family.
Real estate in Scarsdale NY has a remarkably sparse number of cooperatives located within the Scarsdale 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 Chauteaux in Scarsdale NY:
The Chauteaux 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.
When people think of real estate in Scarsdale NY they tend to think of single- family homes and high-end cooperatives with Old-World charm. Scarsdale Manor is one of the larger cooperative complexes on the famous Garth Road. The area reflects the mature elegance of Scarsdale Village and features many pre-war complexes that were converted into cooperatives in the 1980s. It is a mature community with very little space for new development.
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 . To me this is a misnomer. The extra room is really dedicated dining area – or dining room – and not truly a dedicated area like a home office as the term implies. 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.
This area is not part of the Larchmont village proper – but is rather part of the unincorporated portion of the town of Mamaroneck. This small grouping of Larchmont condos and cooperatives are just a stone’s throw from both the train and the village.
Location, Location, Location:
Although the neighborhood is right next to the village as well as the train station, the area is tree-lined and not very urban in nature. The area is sandwiched between a single family residential neighborhood and the village. The area is highly walkable such that you can definitely leave the car and walk to fine dining, shopping and general errands. For the most part, buildings in this small section have a walk score of over 90 out of 100 making this section of Larchmont a Walker’s Paradise.
For walkers and bikers the beautifully landscaped Manor Park provides a wonderful escape from the day-to-day hubbub of life. One can easily stroll through the village and the single family neighborhoods as well. Many of the buildings exude old-world charm as many are from the pre-war era. Cooperatives dominate the landscape although there are a few condominium complexes as well. For more information about Larchmont including a video of the area go to Living in the village of Larchmont.
This is a lovely area of Larchmont. Larchmont NY homes typically evokes tree-lined streets and mature neighborhoods. This area does not disappoint on any of these. The area is strictly residential – yet for the most part it is walkable neighborhood – many of the homes being a mile or less from the train station and parts of the village. Some areas are somewhat further from town – so walkability depends upon you precise location. However, many in the area opt to leave the car and walk. The streets are tree -lined and the neighborhoods are established with mature trees. Homes for sale in much of Larchmont generally tend to have a distinctively Old -World charm about them Pre-war homes. Tudors seem to dominate the area although Colonials are very much in evidence as well. But don’t let the age of these homes fool you. Most of them have aged gracefully and boast many upgrades that can give you the best of both worlds: old world charm – with modern amenities. The lot sizes run the gamut from roughly 0.12 acres to over an acre in larger homes. In general, the homes close in to the village sit on smaller lots.
Westchester NY real estate has been heavily impacted by the financial storm of 2008. In some areas, the storm continues to brew and in other areas – there seems to be light at the end of the tunnel. White Plains NY homes are no exception to the rule. Last year saw a marked decline in the prices for single family White Plains NY homes for sale. Although there were significant declines in the condo an cooperative markets, these did not match what happened to single family homes. Sales volume was sluggish in spite of a strong buyer’s market.
