Buying the Lifestyle – Not Just the Home!

In addition to the convenience of being steps from just about everything, there are plenty of amenities to keep you right at home.   There is a lounge, a fitness center which is very complete.  There is also a spa,  a pool and media room as well as a terrace. There is room service through the hotel as well as maid service.  A jitney whisks commuters to the Metro-North Train Station which is about 0.5 miles from the complex.  Everything is close at hand and very convenient.

The Ritz Carlton Residences of White Plains NY:

The floorplan is open and the floor to ceiling windows expose magnificent views of the Long Island Sound or the Manhattan Skyline.  The kitchens are open and boast walnut cabinetry and Viking appliances, including a wind fridge.   The master bath has Aurora Rose Marble throughout and Kohlar fixtures. There are walk-in closets with custom storage systems  in the Master BR.  Ceilings are generally 9 ft in height giving a feeling of added space with 10 ft ceilings in the penthouses.

The Ritz Carlton – White Plains NY – Pricing and Sales History:

The official opening of the Ritz Carlton could not have happened at a more inauspicious time for the Westchester Housing market.  The complex opened at the end of 2007 – just as the fall out from  the sub-prime loan debacle was hitting the fan.  Sales were sluggish though  the sales volume indicated my figures are artificially low since like most new construction – most sales though done through agents dose not end up on the MLS.  Prices actually inched up during 2008.  But once the financial crisis of 2008 and the stock market crash happened – prices started to fall – reflecting the rest of the market.

The chart below depicts the pricing patterns for 2 BR units at the Ritz from the time of the construction of the first tower in late 2007.   The red bars depict the market before the crash in 2008 and the green bars reflect pricing in the years following.  The median sales price is down about 38% from the highs in 2008.  Some very high-end units made their way into that mix in 2008. So in an apples to apples comparison, the prices are down about 25-30% depending on the type of unit.  Over the past 18 months prices have held steady and have even edged up just a bit.

Right now this is not a buyers market paradise. Sales volume is up 35% from 2010 (from 13 to 20 units sold) which is a good indicator or a recovery in progress.  Buyers need to get real. I’ve been getting a lot of lowball offers at the Ritz and Trump.  Its not that kind of market.  Buyers already have 25-30% savings baked into the cake and a stable market.  You are still getting a great deal.  But pushing the envelope will not fly. Sellers can get market value and do not have to entertain lowball offers.

Sellers need to be realistic. It will be a while before they see the heady prices of 2008. If you need to sell, bite the bullet.  Don’t wait for prices to move up 25-30% – it could be a very long wait.  Nevertheless, if your unit is in good condition, you can expect to get market value for your unit.

For the Latest Information On Sales and listings at the Ritz Carlton:

For the latest on sales stats and current listings  -  feel free to contact  me by phone – (914-374-5529) or email – ( Ruthmarie.Hicks@gmail.com) or  you can simply fill out the form below – whichever method you prefer.  Don’t worry  – I do not sell, spam, or otherwise abuse your information!
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© 2012 – Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

The Broadlawn Complex:

The complex consists of  garden style units surrounded by formal  gardens that including  Pergola and  barbecue area.  Built in 1928, the Broadlawn is know for its Old-World charm and architectural details.  Most of the units at the Broadlawn have  two bedrooms.  Many include such wonderful amenities as fireplaces and  balconies overlooking the formal gardens.  Ground floor units often have private patios.   Many units are duplexes.  The ground floor units tend to be simplexes with patios while the upper floor units are generally duplexes. The Broadlawn was able to forgo raising its maintenance fees last year – which speaks well to its financial stability.  The interior hallways have just been given a facelift and they are also in the process of creating a fitness room on the premises.  All of these are positive steps for the owners and are signs of a thriving community.

The Broadlawn – White Plains – Sales History:

The current sales prices reflect the market correction which has been difficult for all sectors of the housing market.  However, the Broadlawn has held up very well in spite of downward pressure on the coop market.   Median sales prices are down 17% from their highs in 2006  of $348,000 for a 2 BR unit  to a median price of $290,000 in 2011.  1 BR units are less common in the complex and more difficult to evaluate.  Units on the first two levels are generally simplexes while units on the 3rd level are duplexes.  Pricing varies with respect to condition, the presence or absence of a fireplace, balcony or patio.  Some units are “fixers” but the fact that they have been selling fairly well in spite of this market speaks well to the stability of the complex.

The charts below show the pricing history and the sales volume history.  As prices dropped in 2011, sales volume increased sharply.  This is a good sign that the “sweet spot” for pricing has been reached.  Although sellers need to be realistic, the increase in volume indicates that buyers should not be greedy.  Inventory as of the end of 2011 has less than six months of inventory – making this a balanced market.

For the Latest Information On Sales and listings at The Broadlawn:

For the latest on sales stats and current listings  -  feel free to contact  me by phone – (914-374-5529) or email – (Ruthmarie.Hicks@gmail.com) or  you can simply fill out the form below – whichever method you prefer.  Don’t worry  – I do not sell, spam, or otherwise abuse your information!

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

Sales Price History at Trump  Tower White Plains NY

The chart below depicts the sales price history at Trump White Plains.   The red bars represent the years before the crash through 2008.    The green bars depict the years following the crash and the bar in purple represents the present year which has over one quarter left to it.  As you can see, sales prices peaked in 2006, right after the complex opened. Prices remained high, but not as high through 2009.  Then the sharp drop in median price from $775,000 to $670,000 happened in 2010. Since that time prices have made some additional drop of about 3.7% but sales volume indicates that prices are stabilizing.

Sales Volume at Trump Tower White Plains NY

The sales volume tells the story.  Trump is definitely selling well this year which is a strong indication that prices have hit that sweet spot where they contracts are being made and are holding together.  After plummeting in 2009 – sales were back with in 2010 – and are standing strong in 2011.  Although sellers have to be realistic – so do buyers.  I’m seeing a lot of low-ball offers that lose in the end.  If everyone is realistic – there’s plenty of great buying opportunities.

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

Recently, I’ve had quite a few buyers interested in the Ritz Carlton – but many are confused about the pricing thinking that the inventory overhang is a recipe for a falling knife in terms of prices.  These are uncertain times and I understand some of the concern, but you have to look at more than the number of units that have yet to be sold.  This is particularly true of new construction.  You have to look at demand – whether it is increasing or decreasing as well as trends in actual sales prices.

Sales Price History at the Ritz Carlton White Plains:

The chart below depicts the sales price history.  The red bars are the two years – from the opening of the Ritz – to the crash of 2008.  The green bars depict the years following the crash and the bar in purple represents the present year which has over one quarter left to it.

The pricing shows something far more robust than perhaps many potential buyers were hoping for.  Prices dropped sharply as the knife fell in 2008.  But 2010 show prices inching up and that trend has continued in 2011.

Sales Volume at the Ritz Carlton White Plains:

But the proof is really in the sales volume.  Sales volume had already collapsed in 2008 and actually increased slightly in 2009. But there was a surge in sales in 2010 which has continued into 2011.   Sales this year are only one unit shy of the  entire 12 months of 2010.  There are also several pending sales with another quarter to go.

Listen up buyers… There are two issues here:  They involve price and cost.  And quite frankly – in both cases,  you have won the real estate lottery! Plain and simple – it doesn’t get much sweeter than this.  The price increases are not stalling sales volume – so you might be wise to get while the getting is good.  Prices are still off their highs.  The second issue is interest rates.   Affordability is where it was when Eisenhower was president.  If you are under 40, I promise you that you do not understand what an amazing gift these interest rates are.  You will – when they are gone – and once they are gone it is unlikely that you will ever see anything like this again in your lifetime.

As for inventory overhang – a large overhang is expected in new construction.   Now that the units are selling again – it is not an issue, nor does it appear to be dragging prices down.  You can not put new construction in the same category as resales – where a large volume of homes does impact the market.   The market for high-rise units in Westchester was pretty scary for a while, but these stats point to a pretty robust situation.

For more detail feel free to visit my web page:  The Ritz Carlton.

The Stonecrest Cooperative:  21 North Chatsworth Ave – Larchmont NY:

This is so aggressively priced that it is officially ridiculous…BRING YOUR OFFERS.

The Stonecrest of Larchmont  is an elegant pre-war Tudor cooperative with a rich history in an historic village.   Located on North Chatsworth Ave.,  the location is nothing short of ideal.  Few Westchester coops could compete with this location. Just steps from Metro-North and center of the village.

21 N Chatsworth Ave. has been a desired location since Lou Gehrig called the Stonecrest home.  This is definitely a leave the car behind location – with a coveted “walker’s paradise” score of 92 out of 100 from  walkscore.com.  The train, shopping and fine dining are just steps from your door.  In fact this location can easily be considered Sound Shore alternative to the famous Garth Road in Scarsdale.  Garth Road cooperatives are desirable because of their location near the village of Scarsdale and the easy access to metro-north.  The Stonecrest is even more walkable than most locations on Garth Road and is literally half a block from the New Haven Line.  Larchmont to NYC is an express stop about 35 minutes from midtown Manhattan.  In addition to all that you’ve got the Long Island Sound!  It doesn’t get any better than this!  People considering an entry level White Plains condo or coop – or perhaps a coop on Garth Road – would find the amenities of this complex very appealing.

This is a doorman building with a common laundry.  There is a waitlist for parking which can be either outdoor or indoor.

For more information on the Stonecrest including recent sales history – click here.

For more information about the immediate neighborhood – click here.

For more information about Larchmont NY – click here.

Unit #3C  -  A Large 1BR/1BA Coop:

For more photos from this Larchmont neighborhood and the Stonecrest – click here

For more photos of the interior of unit #3C – click here.

With 900 sq.ft. of space this is a very large space for  1 BR unit.  The living area is generously sized  The entry can easily serve as a home office space.  The bedroom is over-sized.  There is plenty of closet space and the potential for extra storage for rent.  The bathroom is brand new with new subway tile and a granite vanity. It’s a fabulous upgrade.  In addition the hardwood  floors with their unique detail have been  newly  refinished and there is fresh paint throughout.     The views from the living room, kitchen and bedroom are all tree-level views of North Chatsworth Ave.  The unit is bright and sunny with high cove ceilings.  The parquet and inlay detail on the living area floor adds a unique character.  The kitchen is in need of updating and this is reflected in the competitive price.

Cost of Living:

Maintenance Fee:  $779 without STAR – 50%  deductible (Note: this unit currently does not have STAR)
Parking Fee  -  (when available) $65/month for outdoor and $70/month for indoor.
10% minimal down payment.

Loan Amount with 20% down:  $159,200

$779.00 Maintenance
$779.00  monthly mortgage payment*
$1558/month gross outlay – before tax savings:

**Savings on federal income taxes from mortgage interest and property taxes: -$264.00/month

$1294/month  after tax deductions**

*  Assumes a 4.2% interest rate on a fixed rate 30 year loan.
** Assumes a top marginal rate of 28% with the above loan.  Does not include STAR which will be delayed until the next application cycle.

This is without STAR savings which would start to kick within a year. That would reduce net outlay  to roughly  $1225/month.  This is so ridiculously affordable its insane. 

Comparable rentals in similar complexes in this location run  roughly $1800 -$1900 a month That’s a savings of $578-$678 a month or  $6936 – $8136 in savings a year. 

Note that the calculations regarding tax savings is an approximation.  I am not an accountant and don’t even play one on TV!  However, this certainly beats renting in terms of total outlay for the space that you get and it’s win-win in that in a world or rapidly rising rents – this stabilizes outlay.

Take it with you!

Just scan this QR code into your smart phone or iPad – and have this information at your fingertips! You can find the applcation at the following link: quiQR

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

Newly Reduced Price – the most competitive price at Jefferson Place above the ground floor.

The Residences at Jefferson Place in Downtown White Plains NY.

Jefferson place is a new and very desirable complex located in downtown White Plains in the coveted 10605 zip code. The complex spans an entire square block between Livingston Ave. and Rutherford Ave. in White Plains, NY.  The units cover two major addresses: 300 Mamaroneck Ave. and 31 Greenridge Ave. The side facing Mamaroneck Ave. is an eight-story urban mid-rise with a sophisticated brick façade. The other side of the complex on Greenridge gives a bow to the suburban neighborhood of the Highlands that it borders. Jefferson Place is just steps away from all the shopping and dining that downtown White Plains has to offer.

Just across the street on the Mamaroneck Ave. side there is plenty of fine dining, take out and retail – all within easy walking distance of the complex. The heart of the downtown with all it has to offer is just a stroll down the street. Walk to almost everything: Shopping entertainment, fine dining and so much more. Walk score is 92 out of 100.

This Luxury 2 BR/2BA  Unit Offers:

* Over 1000 s.f.
* Top Floor Unit – the privacy of having no one above you.
* Balcony with plenty of light and spectacular city views.
* Working gas fireplace.
* Hardwood floors.
* Modern granite kitchen & baths.
* Walk-in-closets – LOTS of storage in the unit.
* Additional Storage comes with the unit.
* Full-sized laundry in unit.

For more photos, see the photostream for this listing on Flickr.

Jefferson Place Amenities:

Jefferson Place is well-known for the amenities in its common space. It offers luxury touches that are generally only  found in condo complexes with far higher price points. These include:

* 24 hour doorman.
* Indoor parking – this unit has a prime assigned spot.
* Club Room.
* Media Center.
* State-of-the-art gym.
* Business and conference center.
* Central AC.

COST OF LIVING

* Current Listing Price: $455,000
* Property Taxes: $7607 without STAR.
* STAR Savings:  $1525.
* Monthly Common Charges: $578.
* Monthly Mortgage: $2067*
* Gross Outlay: $3,152.

Net Outlay After Taxes:
$2546/month**

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* Conservative estimate includes FULL list price. Also assumes conservative 5.5% 30 year fixed rate loan with 20% down payment. Includes STAR savings.
** Assumes 28% marginal tax rate and fixed rate loan sighted above.

© 2009 Ruthmarie Garcia Hicks. http://thewestchesterview .com All rights reserved.