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:

White Plains NY Housing Market Statistics – Fourth Quarter 2009

White Plains NY Housing Market Statistics – Third Quarter 2009

Housing and Market Statistics for White Plains NY – Second Quarter 2009

The Broadlawn – White Plains NY

Trump Tower – White Plains

Jefferson Place – White Plains

Gedney Farms – White Plains NY

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

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.

The complex has its own parking facility, though there is a short wait list for parking, but most new residents get a parking spot within two to three months.  There is a municipal parking lot a little over a block away for additional spaces and for ample parking during the waiting period.
In addition to the courtyard there is also a picnic area complete with barbeque pits.

The Cost of Living:

The Surrey Strathmore has studios, 1 BR and 2 BR units.  Some 2 BR units have two baths, the other units all have a single bath. Many of the units have been extensively renovated complete with granite kitchens and high-end finishes. Sales have been light over the past year.   For 2 BR units there was a sale for $290,000 last June for a unit with 2 baths and 1250 s.f.  and currently one unit under contract.  For 1 BR units a recent sale of a renovated unit commanded $195,000 at 825 s.f. These prices are down considerably from their highs of a couple years ago.   There are also a few studios in the complex  – though these are few and far between and when they become available, they are in high demand.

For a 2 BR Unit:
Maintenance for a large 2 BR with two baths is around $1300 month. This naturally includes property taxes as is the case in all cooperatives.   50% of that fee is tax deductible.

Assuming 20% down payment on $290,000 and a fixed rate mortgage of 5.25%, the gross outlay for a unit like this would be roughly $2581/month for a 2BR/2 BA unit.    However, with tax deductions (assuming the 28% marginal bracket) the overall outlay is around $2117.00.  For a 1 BR unit

For a 1 BR Unit:
Maintenance is about $884/month and once again 50% of this is the property tax and is deductible.  Assuming a sales price of $195k and 20% down, the gross outlay for this type of unit would be $1745.00.  Factoring in tax deductions (assuming the 28% tax bracket) the overall outlay would be about $1431 a month.

Pet-Friendly Status:

The management is very dedicated towards maintaining the quality of life for all residents both two-footed and four-footed. Officially, there is a weight limit of 40-50 lbs, however, they are more concerned with the pet’s disposition than its actual size and larger dogs are commonplace. An interview of the dog is a prerequisite – size notwithstanding. I have had personal experience with the management and the board.  They do their best to accommodate people with pets.

© 2010 Ruthmarie G. Hicks, http://thewestchesterview.com.  All rights reserved.

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.

White Plains NY Condominiums:

Condo sales remained very soft though pricing showed no further reductions after the near 17% decrease that happened in the third quarter.  However, the inventory is alarming because in spite of increased buyer activity across the board.  Currently there is a 13.1 month inventory sitting on the market which promises to increase as soon as the spring selling season gets under way.  Such an inventory is consistent with double digit price decreases.  Sellers should take care to take advantage of this lull in price reductions and price their units aggressively.

White Plains NY Single Family Homes:

Single family homes showed the greatest year over year price drop in this quarter.  Average home prices are down 24.2% year over year – shedding an average of $186,000 in value. The current inventory is  a bright spot.  The six month inventory indicates a buyer’s market undergoing high single digit declines, but this may be the calm before the storm once the spring market starts and people list their homes. Overall, sales volume is up over the previous year which would be a very positive sign if sales volume hadn’t been so desperately low last year.

Further Reading:

White Plains NY Housing Market Statistics – Third Quarter 2009.

Housing and Market Statistics for White Plains NY – Second Quarter 2009.

White Plains NY – Housing and Market Statistics for Fourth Quarter 2008.

© 2010 Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.