Often when buyers start looking for White Plains NY condos for sale, they find themselves drawn to older complexes with old-world charm. Westchester coops comprise the largest share of pre-war buildings and many high-end Westchester coops end up being on the short list of buyers for White Plains NY condos. The Broadlawn of White Plains is just such a 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.
Sales prices for 2012 were up 9% from 2011 at the Broadlawn. The market for cooperatives is recovering, with higher end coops leading the way. This sector of the market was particularly hard-hit by the crash of 2008. The market got a double-whammy when the home buyers tax credit expired in 2010. The climb back has been long and hard, but now the market is finally starting to see some firm footing. The charts below track sales prices and sales volume from the peak in 2007 through the crash to the end of 2012.
The pricing chart was created using 2 BR units as the model since there are far fewer 1 BR units and statistical information is difficult to obtain on those. Sellers should be pleased at the 9% gain in median prices. However, the range for 2 BR units was wide: from $222,000 to $342,000 – about a 35% range. The wide range in pricing reflects overall condition of the unit and amenities as well as a willingness for buyers to pay a premium for good views, and the presence of outdoor space. Units lacking good courtyard views or/and outdoor space struggled more with pricing. The median price for a 1BR unit was $166,000. This reflects a softer market for 1 BR units generally. In addition, 2 very rare 3 BR units sold in 2012 with a median price of $379,000.
The sales volume chart shows how volume crashed in 2009 and the came back a bit in 2010. Volume finally gained traction in the latter half of 2011 and took off in 2012 up -roughly 35% from the previous year.
This market is slowly transitioning to a sellers market. Sellers must still be realistic, but buyers are no longer riding high in an exclusive drivers seat. This is something we haven’t seen in White Plains for a while.
© 2013 – Ruthmarie Garcia 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.