Market Update – The Broadlawn of Downtown White Plains NY

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Located in the heart of downtown at 20 North Broadway in White Plains NY – the Broadlawn is one of the most desirable cooperatives in White Plains.  The central location of  the Broadlawn helps  make it special.  It lies within a block of the White Plains City Center, and Trump Tower.  you can easily leave the car behind and walk to shopping, fine dining, entertainment and the train.   Rated a walker’s paradise by WalkScore.com  – the area ranks a 97 out of 100  with respect to walkability. The commute to Manhattan is 33 minutes on the Harlem Line. With the likes of New York transplants such as BLT Steakhouse  and Level 42at the Ritz Carlton just a short stroll away, the lifestyle  at the Broadlawn has a distinctly urban upscale feel. The White Plains Performing Arts Center is also just a short walk away. As for shopping the Westchester mall as well as the City Center mall  along with  major supermarkets including Whole Foods are all a comfortable walk away.  In spite of being in near the center of the downtown, the area across from Tibbets Park creates an oasis of peace and quiet.  It’s a world apart from the hubub despite its very central location.

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.

 

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

Please feel free to contact me anytime to request additional information or to set up an appointment so we can explore your listing or purchasing needs. I am easy to reach by phone, text or email. Or, if you just want to continue your search online, the links below will help you get started.

Phone/Text: 914-374-5529

Email: Ruthmarie@TheWestchesterView.net

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