Trump Tower offers the epitome of luxury and amenities all in the walkers paradise of downtown White Plains. You can leave the car and walk to almost anywhere. The train station is a little over half a mile away with a commute to Manhattan a mere 33 minutes by express train.
The latest sales stats show high demand and a strong rebound in the market starting in 2012.
Like all real estate in the New York metropolitan area, Trump Tower was impacted by the financial crisis of 2008. The low point was in 2011 when prices were nearly 20% off their highs of 2006. However, after 2011, the market started posting gains. And if the statistics hold for the remainder of 2015, Trump Tower will have completely recovered the losses posted since 2006.
The charts below show the recovery pattern as well as a steady demand from buyers. Currently (mid 2015) there are five units on the market with one under contract. The price range for those on market runs from $685k – $910k. There have been 12 sales of far this year ranging in price from $557.5k for a 1 BR unit to $1,090k for a 2 BR penthouse.
For those looking to sell their condominiums, demand is high. There is currently about four months of inventory on the market putting Trump Tower firmly into sellers market territory.
No one possesses a crystal ball. However, there seems to be no end in sight for the growing demand for luxury condominiums in the foreseeable future. Certainly, given the demand coming from New York City and home owners who are downsizing from single family homes will keep demand strong. Price gains have been healthy but have not entered bubble territory. Further, there has been little new construction since the beginning of the crisis, creating shortages in the condominium market that should keep prices moving upwards.
© 2015 – Ruthmarie Garcia Hicks – https://thewestchesterview.com. All rights reserved/
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