Its been past time for an update on Jefferson Place in White Plains. As the housing recovery has moved from a buyers market into sellers market territory, we are seeing prices make a comeback in the White Plains condo and coop market.
Jefferson Place is no exception. The market bottomed during 2012 and started its recovery in 2013. As you can see from the two charts below, prices have increased nicely without going anywhere near “bubble” territory. They are still well below their all-time highs which occurred right before the crash of 2008. Sellers who bought before the market peak are coming out of the woods, which is really good news for them. The fact that price increases have been stable is good news for buyers who see that this market has room to run and is far from overheated.
One bedroom units are up a total of 12% over a two year period with a median price of $340,000. White two bedroom units are up 4.5% since he bottom with a median price of $465,000. Since the 2 BR units didn’t take as big a drubbing in the correction, the difference in the “recovery rate” is not surprising.
In general markets tend to be very one-sided. What’s good for buyers is generally bad for sellers and vice-versa. This is one of the few times when the market is in what might be called a win-win situation. Sellers are gaining ground while buyers are working their way into a market that should continue to appreciate.
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.