The information on this post will be placed as a revision on my web page for the Broadlawn White Plains. This market update includes the first and second quarters along with an informal update of stats since the end of the second quarter.
Coming down from their highs in 2007, where $390k for a renovated 2 BR unit was considered a reasonable price, prices at the Broadlawn have moderated. Fully renovated units were selling just shy of $400k during the height of the boom – while those in need of TLC were selling for significantly less. There were not enough sales of 1 BR units to make an analysis of 1 BR or studio units practical. It is obvious that price points have moved down considerably off their highs. Currently, the median price is down a little over 9% off the high point in the latter half of 2006. Other variables include location within the complex and whether or not the unit has any outdoor space or a fireplace. * Note that all data was derived from the statistics available through the Westchester-Putnam MLS.
Since there have been were very few actual sales at the Broadlawn this past year, I will delayed updating the the graphs until early September. There were no sales in the last quarter of 2009 and 2 sales in the first half of 2010. The median sales price for a 2 BR unit in 2010 is $291,000. One of the units was in dire need of upgrading – and although it had a terrace (garden-level) and a fireplace, its condition dragged down the price. The other unit had both a balcony and a fireplace and sold for $322,500. The unit was in good shape but not modernized. So a fully upgraded unit would be selling for more while a unit in dire need of some TLC would be under the $300,000 price point. So for buyers, yes, this is a buyer’s market, but understand that a unit with all the bells and whistles will fetch a somewhat higher price.
The only other unit that has sold since that time is a studio which is not used in these statistics.
The use of 2 BR units as my base is due to the fact that the vast majority of units in the complex are of the 2 BR variety and that significant statistics can not be found in either 1 BR units, studios or the handful of 3BR units. However, the one recorded sale of a 2 BR unit since the beginning of the year was at $260,000 for a unit that was not renovated. Although this indicates a marked price decline from the previous year, it should be noted that there was always a major pricing difference between units that had undergone renovations and those which have not. Asking prices are certainly down from the previous year. The range in price for 2 BR units is from $195,000-$389,000. The median asking price (which does not reflect an actual sales price) is $329,000 – which also indicates the reality of the market by pricing in a significant decline. Further, given the fact that there have been relatively few sales at the Broadlawn, the presence of six 2 BR units on the market represents a significant inventory. This is an opportunity for buyers. But sellers need to price their units accordingly or they will linger on the market. And since this market is still depreciating – time on the market equals lost revenue.
© 2010 – Ruthmarie Garcia Hicks – https://thewestchesterview.com – all rights reserved.
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