Late last week, I logged onto the MLS and received quite a surprise. No less than 10 new listings at Trump Tower and an additional 3 new listings at the Ritz Carlton. Some were at very competitive prices.
So what gives?
Did 10 families living at Trump suddenly say “I’m outta here?” No. All save one of these listings trace back to Mr. Cappelli’s headquarters in Valhalla. The last units that have not been sold are on the market now. Most of these units were on the market at various times over the past four years. This time, the asking price has been reduced significantly. They range from $565k – $1.449 million.
The Downtown White Plains Condo Market:
Added to the 10 listings already on the market at Trump (most of them resales) this doubles the number of listings currently on the market. Since only five units have sold so far this year – with two currently under contract, these new listings create an inventory overhang of about 26 months at Trump. Taking the downtown collectively, including Trump Tower the Lofts and the listings at the Ritz Carlton – the high end downtown condo market in general has about 19 months of inventory overhang.
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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.
Further Reading:
Jefferson Place – White Plains
© Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.
Buying a condo in White Plains NY can be very expensive. Cooperatives offer a viable alternative and financially stable complexes are great investments. But for those who own dogs, relatively few are pet-friendly. Here is one of the premier cooperative complexes of White Plains – and the best part is that its pet-friendly.
The Surrey Strathmore is a complex of six mid-rise buildings which surround a courtyard. This is perhaps one of the more upscale cooperatives in White Plains. Built in 1939, the complex boasts some of the graces of a by-gone era. The ceilings are 9 ft high, and graceful archways separate living room, dining room and kitchen areas. Each unit has at least one of the Surrey Starthmore’s signature curio nooks. The floor plan is excellent.
Located at the Southern end of White Plains, the Surrey Strathmore is located on Bryant Ave which almost acts as the “dividing line” between the Southern residential area from the Northern downtown. So, the Surrey Strathmore sits on the edge of the residential neighborhood, the Highlands where quiet walks on tree-lined streets are just a block away. Perfect for a walk with the dog. On the other side is the beginning of the downtown area within walking distance of the famous and upscale Westchester Mall, Whole Foods, Cheesecake Factory, Morton’s Steak House along with some favorite local restaurants including Iannelli’s. A bus taking commuters to the White Plains Train Station stops right at the corner of Bryant Ave and Old Mamaroneck Rd. – which is the Southwest corner of the complex.
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The housing market in White Plains has taken a drubbing since the stock market crash of 2008. Although some adjacent areas are showing small signs of stabilization, the same can not be said for the city of White Plains. This is ironic because White Plains was at the epicenter of the housing boom for Westchester County.
White Plains NY Cooperatives:
Cooperative prices were actually up slightly over the same period in 2008. However, this slight uptick might be do to an increase in the proportion of 2 BR units in the sales statistics. The previous quarter showed a grim 17% price reduction and recent sales in specific complexes indicates that this downward trend is continuing. Since 2 BR units are suddenly far more affordable, buyers are finding that they can afford a larger unit. Sales volume is down 17% over the previous year and the current inventory of 9 months indicates a buyer’s market undergoing a price correction bordering on double digits.
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