Many homeowners in lower Westchester have been hoping to downsize but stay local. In some cases, the children are gone but these empty nesters have careers that keep them local or perhaps some have grandchildren that live in the area and they wish to stay near family. Particularly after the big storm that we had yesterday – downsizing to something a bit easier to manage feels right for those who have been struggling with Nor’ Easters and hurricanes. We now seem to be having the storm of the century every six months – and tackling all the resulting issues can be a lot of work. I know it is – because I own my own home….
One of the biggest impediments to downsizing has been the cost. Single family homes corrected first. So home sellers who had shrinking home values were making either a lateral move or a move UP to one of those great condos or townhouses they had their eye on. For several years, these properties stubbornly held tight to their high price points while single family homes tumbled. This left would be sellers “stuck.” Sluggish sales showed us that this state of affairs couldn’t last. Prices needed to come down – and over the past 18 months – that is just what has happened. The new affordability will help those with depreciated home values better afford these options. Those fortunate enough to live in areas such as Scarsdale and Larchmont where home values are increasing – have a unique opportunity to sell high (though not as high as 2006) and buy low. Opportunities like that are rare in the housing industry. So those who have been waitin’ and wishin’ and hopin’ for a better opportunity – now’s the time to think seriously about downsizing.
Here are some great luxury options in White Plains for downsizing:
Prices at the Ritz Carlton peaked in 2008 but went down sharply after that. Now the prices are actually edging back up with a median price so far this year of $942,000 – down about 38% from the peak according to the Westchester-Putnam MLS. Of course you get high end luxury and services galore right in the middle of downtown White Plains. For more information click here for a web page on the Ritz Carlton. For those who want convenience and luxury – this is a great choice.
Trump Tower is another luxury high-rise in the heart of the downtown. Located right next to the City Center – it is at the heart of everything. Just leave the car and walk. Prices have come way down off their heights with a median price of $645,000 so far this year – well off their $800,000 highs of the previous year. For more information about Trump Tower click here for a web page about Trump White Plains.
For those who still want the feel of a house or who may have some boomerang kids coming back to the nest after college, a townhouse offers the convenience of condo life but the layout of a home. Just imagine – having a house with no snow to clear, now flower beds to weed and no gutters to clean! Prices on townhouses have been adjusting over the past year and are down close to 19% from their peak with a current median price of $780,000.
*Note about the charts: The red bars represent the period before the market correction. Note that the correction came at different times for townhouses – which is a natural part of the process. The green bars represent the years since the correction and the orange bar represents the current year. All data was compiled from the WPMLS – Please note that the townhouses include single family home and condo listings.
© 2011 – Ruthmarie G. Hicks – https://thewestchesterview.com – All rights reserved.
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