What does this mean for Westchester NY real estate?  Well, as Manhattan goes – so goes Westchester.  If prices in the city are edging higher eventually that wave hits Westchester as even hard-core Manhattanites consider mass immigration to….gasp…..the SUBURBS!!!!  And Westchester – particularly lower Westchester is the most logical move.

For Manhattanites – Westchester is the location of choice when they make a move. 

About a year ago, I was looking at a “heat map” of human migration across the US.   The map showed areas of the country that  were emptying out  such as the rust belt as well as  areas that were seeing increased populations.   It was neat.   When I clicked on Westchester, I couldn’t see anyone moving in.  At first I thought our county was emptying out at a crazy rate….which made no sense….but then I realized that the map was too small. You couldn’t see the bee-line of immigration from NYC, Brooklyn, Queens and Long Island.  When I increased the size of the map to its maximum – there it was.  The fact is that Westchester is the location of choice  for people leaving NYC.   If Manhattanites were a herd of buffalo – Westchester would be tracking the periodic stampedes as obsessively as we track the weather.

Westchester NY now has the amenities that city dwellers seek – this isn’t your parents suburb.

And why not?  Westchester has changed a lot over 20 years.  It is no longer the series of sleepy villages and towns of yesteryear. Once Manhattanites get over the mind set that Westchester is merely a country bumpkin backwater (which takes just one visit)  the benefits of living here are clear.    Its  costs a whole lot less and you get a lot more space without giving up the fine dining, shopping and entertainment that NYC has to offer.   Upscale restaurants and retail are everywhere and we are catching up in entertainment and the arts.  You don’t need to go to the city for a night out on the town or a first class shopping spree.  That’s all here now.  And if they want the city – its about 30 minutes away.    From some locations the commute to midtown and downtown is as easy or easier than some locations in the city itself and they can enjoy a smooth, easy and productive  20-40 minutes  on metro-north train rather than being crammed like a sardine standing for 30 minutes on a subway.

Soooo a healthy market in Manhattan is a harbinger of a healthy market in Westchester – particularly lower Westchester.  Areas within a 40 minute commute by metro-north are particularly attractive when prices are rising in the city.

© 2011 – Ruthmarie G. Hicks  http://thewestchesterview.com

When searching for Westchester NY homes for sale, it can be difficult to sort out the individual municipalities, their characteristics and even their location within the county.  For many buyers they seem to meld into one large mass of confusion.  This series of posts are designed to  alleviate some of this confusing for the Westchester NY homebuyer.

Getting from here to there – White Plains NY is centrally located:

White Plains NY is one of the most centrally located municipalities in Westchester NY.  As such, it is land-locked  with no direct access to either the Hudson River or Long Island Sound.  However, its central location means that you are never far from anything when you are in White Plains.   The map below shows just how central that location is.

White Plains borders Scarsdale to the south west, Harrison to the east and Mamaroneck to the south.  Hartsdale borders to the west and Valhalla to the north.

I-287 – hugs the eastern side of White Plains and cuts right through the city just north of the center of the downtown.  From 287 you have access to towns along that corridor as well as

• I-87 to New York, New Jersey & Upstate NY
• The Hutchinson River Parkway to Connecticut or Bronx and to Queens, the airports and Manhattan
• I-95 to Connecticut or all south to NYC.

I-684 originates in White Plains and gives access to points towns up county such as Mt. Kisco, Katonah, and Armonk as well as parts of Connecticut such as Danbury.

The Hutchison River Parkway (HRP) can be accessed off of Mamaroneck Ave. at the south end of town (in addition to the I-287 access point) as well as along North Street on the border of Harrison.

An entry to I-95 is also available just over the southern tip White Plains in Harrison.

The Bronx River Parkway (BRP) can be accessed from the western portion of White Plains.  the BRP runs north to south and flows into the Taconic State Parkway northbound.

Commute to Manhattan – White Plains to Grand Central Station:

The commute by express train is generally about 33 minutes on the Harlem Line White Plains has three trains an hour during off peak hours and over 30 trains running during the morning and evening peak. ]]> http://thewestchesterview.com/2011/03/16/where-in-westchester-is-white-plains-ny/feed/ 2 http://thewestchesterview.com/2008/09/19/third-quarter-market-reports-for-hartsdale-ny-10530/ http://thewestchesterview.com/2008/09/19/third-quarter-market-reports-for-hartsdale-ny-10530/#comments Fri, 19 Sep 2008 05:50:11 +0000 Ruthmarie Hicks http://thewestchesterview.realestatetomato.net/?p=16

Home in Manor Woods of Hartsdale, NY

Hartsdale is a hamlet/post office located in the town of Greenburgh. Greenburgh encompasses a large number of hamlets and villages including several river towns along the Hudson. Hartsdale itself is landlocked and near the southeast corner of Greenburgh. It is a popular location for commuters because the compact hamlet boasts its own train station on the Harlem line just 30 minutes from NYC. Ideally located just ten minutes from the hustle an bustle of downtown White Plains, Hartsdale is a great destination for those who prefer a walkable village along with an easy Manhattan commute, but still want to take advantage of the nightlife and shopping offered in downtown White Plains. Most residential neighborhoods are within walking distance of the train but for those that are not, jitney service is available during peak hours. The Hartsdale post office/zip code (10530) covers a population of about 10,000 with 4300 households which are a mix of cooperatives, condos and single family homes.

Cooperatives:

The first graph shows the average pricing for cooperatives, condos and single family homes over the third quarter of 2008 relative to the pricing during the same period the previous year. Prices for coops are down 1% when compared with the third quarter of the previous year. According to the Westchester-Putnam MLS, the avereage sales price for a coop was $228,000 as opposed to $235,000 the previous year. However, by the third quarter of 2007 a price correction was already in progress and there has been about a 6% drop off in cooperative pricing over the past 18 months. These numbers reflect what might be construed as a leveling off of this market. But looking at sales volume there may be some further downside to this market. There is nearly an 8 month inventory of coops which creates a buyer’s market for coops at this time. For a buyer in this market, it is a great time to buy. There is ample inventory and seller’s need to be realistic given the choices open to buyers.

Condominiums:

Prices show a slight up-tick over the previous year – from $424,000 in 2007 to $439,000 in 2008. However, sales volume is relatively unchanged from the previous year. Inventories are relatively low at 4.7 months which indicates that condo sales represent a fairly balanced market between buyers and sellers. Buyers of condos need to be realistic in their expectations and not ask for the moon. While sellers have to be careful to price their units competitively or they will just sit on the market.

Single Family Homes:

The first graph shows a 3.3% drop in single family home prices over the same period last year from $633,000 to $613,000. Sales volume is level with the previous year – off by 69% and the current housing inventory indicates a near seven month supply of single family homes. The inventory points to a buyer’s market in single family homes.

Buyers should take note that there are some excellent opportunities in Hartsdale if they have a long-term view.

White Plains, NY a city of close to 60,000 residents and a commuter population of over 250,000 has witnessed explosive growth over the past ten years and has proved to be remarkably resilient in spite of the housing recession that currently grips the country. Nevertheless, there has been some weakness in this market and in some sectors there have been minor corrections.

Cooperatives:

The first graph shows the average third quarter pricing for the coop, condo and single family markets in relation to the third quarter of 2007. The average cost of a coop has gone down 7.9% over the same period last year from $246,000 in 2007 to $228,000 in 2008. Prior to this report, coop prices had shown tremendous resilience with prices posting gains or staying level. Pockets of a seller’s market still exist in coops, particularly at the higher end above $300,000.

The second chart shows the current inventory of active listings versus the number of units sold during the last quarter and indicates that it will take about five months to absorb the current inventory of coops. This indicates a market that is fairly neutral between buyers and sellers. The balance of power appears to be shifting to the buyer should the trend towards larger inventories increase.

Condominiums:

Condos posted the biggest gains – up 20.3% over last year. It should be noted that I adjusted some of these numbers to reflect the fact that the Ritz Carlton of White Plains, a very high-end condominium complex had yet to have a closing at this time last year. Since it represents a new price point for the city, it skewed relative values upwards in a way that did not reflect changes in the market. The adjusted average of $481,000 is a better reflection of condo sales in general and is more relevant to buyers and sellers of units under $800,000. The actual average which reflects condos in the $2 million plus range is $514,000.

There is roughly a 6.7 month supply of active listings on the condo market making this market similar to coops in that th balance of power is shifting towards the buyer and away from the seller – higher prices notwithstanding.

Single Family Homes:

Single family home prices have been weakening since the third quarter of last year. Right now they appear to be stabilizing although with an average price of $756,000 they are down 3.4% over the same period last year. Nevertheless, this indicates a leveling off because average prices are unchanged from the previous quarter. Overall, prices for single family homes have dropped about 7% since the spring of 2007.

The 3.4 month supply of single family homes is a good reflection of a market that has undergone a dip and is now firming up. Although prices remain soft, a 3.4 month supply of inventory tilts the balance of power more in the seller’s direction.

Sales Volume:

Although the White Plains, NY market has been highly resistant to some of the downward trends gripping the country, the low sales volume indicates a market that is correcting – particularly with respect to condos and coops which have been the strong points of the market up until now. The third chart shows that sales volume is down 19 to 32% on cooperatives and condos respectively. While the uptick of 1.2% for single family homes is another indication that that particular market is leveling off.