The Westchester View » Gedney Farms White Plains NY

FASNY and Gedney Farms – What is the bottom line for home values?

Ruthmarie Hicks — Sat, 30 Jul 2011 16:42:49 +0000

Recently, I’ve posted several posts on the issue of the French American School of New York and their purchase of the Ridgeway Golf Club. Previously many of the home owners in Gedney Farms enjoyed the wonderful vista of golf course views from their back yards. Most bought their homes with the understanding that should the golf club disappear, the local zoning was for very low-density housing . Now FASNY wants to build a major campus for 1200 students on the grounds.

Below is the proposed plan. The community is a relatively high-end community – though not extravagantly high-end by Westchester standards. It is a quiet neighborhood with no traffic lights and two-lane roads that have no sidewalks. A large private school has bought the property and is seeking to build a campus for 1200 students – plus faculty and staff. The zoning for said facility is not in place and requires a special permit from the City Council.

I am on record as being against the project for several reasons – which I will go into in more depth in future blogs. However, the school is attempting to build a case that much of what they are doing will increase property values for people whose back yards abut the ball fields and parking lots. I have dealt with many buyers over the past (nearly six) years as an agent – and I have found that things like baseball fields, dugouts and parking lots abutting back yards to be extremely challenging – if not immediate deal killers. I would be curious as to the opinions of the public on this issue. There are roughly 45 homes in the direct line of fire.

To that end – I have posted a simple survey that will take less than 5 minutes to complete.

Just click here to take the survey.

Thank you for your participation.

Asking for help from the AR community….The impact of a large school on property values….

The City of White Plains should buy the Ridgeway Golf Club if the numbers can be worked out

Ruthmarie Hicks — Mon, 11 Oct 2010 19:33:53 +0000

Over the past week, I have been weighing the pro and con arguments of the city of White Plains purchasing the Ridgeway Golf Club. My first reaction to the possibility of the golf course being purchased by the city was that of relief. I grew up in Gedney Farms. Both my parents and grandparents owned homes facing the Ridgeway Golf Course. I played on that golf course at night. I climbed the apple tree in our back yard and watched the golfers from that vantage point. So I have hesitated in offering an opinion. Was nostalgia for a lifestyle whose time has passed clouding my judgment?

How can the city justify spending that kind of money during a fiscal crisis?

One of my problems was endorsing such a massive purchase which would increase debt while taking a large parcel off of the tax rolls. White Plains is in a fiscal crisis. A few months ago I actually wrote about how necessary the drastic cutbacks the city was enacting were for maintaining property values. At the time, I wrote that keeping the tax burden down for home owners was essential for stabilizing housing prices and I still hold to that. How does that square with deliberately taking a large property off the tax rolls and going into a hole to purchase it?

Wetlands, Wet Basements and Flooding

White Plains was known as “the land of white mist” by the Indians. The white mists were caused by marshes. White Plains is in fact largely wetlands. That is why our water table is so high. Another fact is that much of the Ridgeway Golf Course is built on low lands and a major portion of said course is unbuildable – hence the low price.

Residents on the south end of the city have felt the effects of over building for years now. A new development comes in. The EIS says it should have “no impact” on the neighboring areas…and suddenly everyone who had dry basements for decades has a water problem. The fact is that water has to go somewhere – and when land is paved over – water works its way around the situation – it doesn’t just “go away.”

Towns downstream of us have also pointed a finger at the White Plains building spree to account for some of their own flooding issues and not without reason. Flooding has increased dramatically in Mamaroneck in recent years. Need anyone be reminded that FEMA was in the town of Mamaroneck for months in 2007 following a major storm? If major development coincided with increased flooding – friendly neighbors might even turn litigious.

Since we have reached a tipping point with respect to water tables in our area – development of such a large tract of land known to be sitting on a vein of the Mamaroneck River may be very detrimental to our own and surrounding communities. Trouble is – we wont know until its too late to turn back.

You can’t leave Burke and Presbyterian Hospital out of this equation

We also have to look ahead Two very large nearby tracts of land remain undeveloped. When the economy turns – and it will eventually – there will be more pressure to sell off these large parcels to developers. The cumulative effect of all three parcels being developed could have a serious impact on anyone living near or downstream of them.

The affordability factor

It is a cruel irony that most real estate “bargains” become available when few are in the financial position to afford it. A recession brings opportunity for those who have the funds and the guts. I have been telling my buyers for months now that if they qualify for loans this is a marvelous opportunity. Most have been sitting on their hands waiting to get even “more” which at this point is truly tempting fate.

One reason I can argue that the purchase makes inherent sense is that given low interest rates and a major price adjustment - land and homes are more affordable now than they have been in over 10 years. In our area I roughly estimate affordability to be roughly where it was in 1997-1998 – the tail end of our last buyers market. If the city is to invest in property, a strong argument to could be made that NOW is the time. The overwhelming fact remains that the unique nature of the property and its position on environmentally sensitive land as well as the bear market – has made this large tract of land available for a “song.”

Once the market “turns” opportunities like this will be gone. So…the city will probably never find such a favorable set of circumstances for purchasing large parcels of land.

So I will give the city of White Plains the same advice that I give my own buyers. NOW is a uniquely great time to buy property if you can afford it.

Futher Reading:

Gedney Farms White Plains NY

Ridgeway Golf Club Redux – Up on the sale block again

Gedney Farms White Plains rocked about the potential sale of golf club

Surreal Spring in Westchester – Photos from Mamaroneck Ave – White Plains NY

Ruthmarie Hicks — Tue, 20 Apr 2010 08:37:37 +0000

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!

Gedney Farms – White Plains NY – Single Family Homes

Ruthmarie Hicks — Mon, 01 Feb 2010 05:54:16 +0000

Gedney Farms White Plains NY:

When buyers are looking for high-end single family homes in White Plains NY – A home with plenty of green space and old-world charm – Gedney Farms is the first neighborhood that comes to mind. Gedney Farms was named after John Gedney who bought the land in 1740. Gedney Farms was a working farm that remained within the Gedney family right through the Civil War. It has long ceased to be farmland and is now a well established neighborhood.

Through much of the Gedney area the zoning is for no more than three homes per acre, so most lots have at least .33 acres of land which for lower Westchester is very difficult to find at a decent price. The roads are fairly narrow the wind around giving the feeling of country roads. No checkerboard streets here! This is also a plus because the streets are generally quiet as this discourages cut-through traffic that sometimes occurs in other parts of White Plains. The homes are a mix of Tudors and colonials many of them built during the Great Depression or before with a smaller percentage being built in the 50s and 60w. This is a mature neighborhood with very little buildable land remaining.

The Ridgeway Golf Course:

The Ridgeway golf course defines the neighborhood and depending on your location. It bisects the Gedney neighborhood in several places and many of the homes have spectacular golf course views. Some even have the fairways coming right into their back yards giving an illusion of almost endless open space. This type of amenity is difficult to match in lower Westchester and is a world away from the hustle and bustle of the City Center and the Ritz Carlton of downtown White Plains. Some homes have their back yards extending right into the fairways. It looks like open space as far as the eyes can see.

Unfortunately, at this time the fate of the Ridgeway golf club is not settled. Although the club has no wish to sell its land to developers, difficult financial times may force that issue. So far they have been holding on. Much of the area is wetlands, so the quantity of building would be quite limited. Nevertheless, the loss of such a vista would be a blow to the area. Everyone is hoping that this issue will resolve itself as the economy continues to improve.

The Cost of Living:

All of this comes at a high price, however, Gedney Farms is far less expensive than comparable neighborhoods neighboring Scarsdale, Mamaroneck/Larchmont and Harrison. Recent sales show an average price of $883,100. this is down considerably from the highs of just 2.5 years ago, but remarkably sturdy given that most of the home that sold were on the smaller side. The pricing not only reflects the price drop but the fact that smaller homes are selling better due to the problems obtaining jumbo loans. Much depends on the location (golf course views are at a premium) and how recently the kitchens and baths were updated. Since these were designed as luxury homes, excellent floor plans can be found even in the older homes.