Table of Contents…(Just click the links…)
Sales History of Hudson Harbor…
The Hudson Harbor complex of Tarrytown NY is a major development consisting of several unique condominium and townhouse complexes. The development is located in Tarrytown and Sleepy Hollow on the very picturesque Hudson riverfront.
Hudson Harbor of Tarrytown is a major component of a massive effort to reclaim the riverside for residential and community use. Public monies including a complete renovation of the train station have been committed and the end result will be a wonderful walkable community on the river and just steps from Metro-North.
Fine dining and other public amenities have already created a happy home for themselves at Hudson Harbor. A couple of examples that are just a small sample of what’s to come include the Lighthouse Ice Cream and Coffee , Riverstone Yoga and the innovative Rivermarket Bar & Kitchen which represents local growers and producers throughout the Hudson Valley.
No matter where you look there are spectacular views – Looking south there is the Tappan Zee Bridge and the Manhattan skyline and looking north there is the Kingsland Point and the lighthouse.
Beyond the immediate Hudson Harbor community, there is the famous Blue Hill at Stone Barns. There is also the Tarrytown Music Hall, with top-drawer entertainment throughout the year. For those who enjoy boating and kayaking there is the Hudson River and Tarrytown Lakes. For hikers and horse-back riding there is Rockefeller Preserve and the Aqueduct Trail .
The brown fields of the old GM plant in Sleepy Hollow are also being redeveloped. Edge-on-Hudson will be a new commuter oriented community with commercial and residential development that retains the river town feel. The net effect will be a very walkable community encompassing the riverside area of both Tarrytown and Sleepy Hollow.
Beyond the the community-wide amenities that Hudson Harbor is famous for, the Lighthouse has additional amenities. There is an additional 20,000 sf space called the Oasis which includes an outdoor swimming pool with a surrounding sundeck and formal English gardens. In addition there is a wellness center and yoga studio. There is also a library, lounge and business center.
The Stone Terrace level offers residents extensive patio space where the Beacon residences on the 2nd and 3rd floor and the Tower residences on the 4th floor have generous balconies.
In addition, there are a collection of four duplex townhomes. These feature extensive outdoor space including roof decks which create roughly between 950-1200 sf of outdoor space per unit.
Each unit features smart home technology using the Nest Home System which can be accessed with a smart phone. It includes a security system, door locking system and thermostat. Nest also has an intelligent thermostat with temperature “memory” that allows residents to better control heating and cooling costs.
For more details on this phase of the development, see my post on The Lighthouse. It will be updated regularly.
The Stonehouse took its theme from the famous Blue Hill restaurant at Stone Barns in nearby Pocantico Hills. The stonework and woodwork on the facade is very, very impressive and gives the building a striking appearance seldom found modern condominium complexes. Initial sales in this building sold in price range from $475,000-$1 million. Those prices have increased, and in 2016 there were two sales of 1 BR units in the Stonehouse for $595,000 and $650,000. So the trajectory has been upward.
The Lookout Buildings have an identical footprint right on the waterfront of the Hudson River.
One of the great amenities of these buildings is the view and the fact that all units have outdoor space that offers either full or partial river views. Full river views sold for a high premium in the initial sales and continue to do so to this day.
Though sleek and modern with its use of glass, the wonderful stonework gives these buildings a unique character and is also reminiscent of the nearby Stone Barns.
Recent sales show a general upward trajectory for condominium units in these buildings. There was a price spike in 2014 when Lookout North came on the market and the sale of several very high-end unit skewed the median price upward. The price range has been difficult to nail down because the individual views had a major impact on pricing. For example, in 2016 there were five 2BR units of approximately 1500sf sold in the Lookout buildings. The prices ranged from $822,000 to $900,000, which is quite spread for very similar layouts and the same square footage.
The Riverhouse is located in Sleepy Hollow. Sales started closing in 2016 and have been brisk. The Riverhouse is now sold out, so potential buyers need to be on the lookout for resales. This complex has its own gym and pool with extensive common and private outdoor space at the terrace level. Most units have private outdoor space.
There are a larger percentage of 1 BR units in the Riverhouse as well as smaller 2 BR units. Median prices for these building is therefore somewhat lower. For 2016 new sales ranged from $485,000 for a 1 BR (833 sf) unit to $1,750,000 for a 3BR unit (2140sf). The median price was $743,500.
Below is a short slide show of interior shots taken by me of a couple of the model units.
The Townhouses from phase I resemble New York City brownstones, but also somehow remind me a great deal of Georgetown in Washington DC. These homes are amply sized from roughly 3300 – 4500 sf with 3- 4 bedrooms each and dens that could also be realistically converted into bedrooms. One of the greatest amenities is their roof decks, many of which afford wonderful views of the Hudson River. Each unit also has an elevator which is a wonderful amenity for the vertical nature of these townhouses.
Initially the price points for these units started at $1 million and topped out at $2.5 million. Direct water views also play a significant role in pricing which partly accounts for the wide range. Further, some of the initial sales were pre-recession, which is also a contributing factor.
But as far as Hudson Harbor is concerned, that housing crisis is long since past. In 2015, two larger units (4520sf) sold for $2,250,000 and $2,625,000, showing that these prices are at, or above, their pre-recession high-water marks. In 2016, there were two sales of more moderately sized townhouses (3,283sf and 3410sf) sold for $1,950,000 and $2,075,000.
This is consistent with the general upward trend in higher-end housing and particularly true of walkable high-end housing with an easy commute.
The Carriage houses are a grouping of 27 town homes that take their theme and influence from the rich variety of carriage houses located at historic landmarks throughout the Hudson Valley region. They range in size from roughly 2200-2700 sf and were crafted from local materials. Even though this phase is not directly on the river, the surrounding courtyard provides wonderful landscaping and the river is just steps from your door.
Very few of the carriage houses were actually sold on the HGMLS, but in 2014, the median sales price was $1,300,000. No further sales have been reported though if you extrapolate from the gains seen in the townhouses from phase I, that would put the median price for a typical carriage house at around $1,600,000. This is obviously a gross approximation, but it does reflect the strong appreciation trend.
Westchester Magazine named one of the Carriage Houses as its 2012 American Dream Home. Below are two short slideshows from that event.
Although One Lighthouse Way is a collection of 43 boutique style condominiums, there are also just four duplex townhouses. These homes feature extensive outdoor space including roof decks which create between 950-1200 sf of outdoor space per unit.
These are currently under construction, but pre-construction sales have begun.
The Tarrytown to Manhattan commute is 38 minutes by express train on the scenic Metro-North Hudson Line. Tarrytown is a major stop along the Hudson Line and and express stop – so the community is well serviced.
Tarrytown has convenient access to most of the major throughways of Westchester County.
Access to Rockland County and New Jersey is just across the Tappan Zee Bridge on I-87 north. I-87 south provides easy access to Manhattan. The Saw Mill River Parkway and Sprain provide easy access to points north and south in Westchester Putnam, Duchess and the Bronx. The Saw Mill provides access centers such as Danbury CT, due east and the proximity to I-287 is key to an easy commute to other points of the county that are due east. White Plains NY is just about 15 minutes away. For a map of Westchester Parkways and Interstates – click here.
Because Hudson Harbor is an on-going project, looking at sales stats and general outlook can be a bit tricky. To look at appreciation, resales are the best way to go, but they are going to be limited in quantity since due to the short time the development has been in existence. Many original sales were not on the HGMLS, which also complicates things.
For the condo buildings, I am including The Stonehouse, and the Lookout buildings. The Riverhouse only started selling in 2016 and therefore has no history to draw upon. The general price range is also somewhat different. The general trajectory has been that of steady increases. There was an odd peak in median price in 2014. That was an outlying year because Lookout North opened and there were several very high-end sales in that building which skewed the results. According to the HGMLS, from 2013 to 2016 there was a healthy 14% increase – about 4.7% a year.
For the townhouses, the price gains have been very strong. This reflects a strong need for this type of housing that is not being reflected in new construction or resale inventory. this shortage is expected to continue into the foreseeable future. Its a strong market which has been a force to be reckoned with at every price point. But the higher end is doing particularly well as there is a migration towards Westchester from NYC where prices are pushing people northward. The movement has been one of strong increases followed by a bit of “breather” and then another increase. But it averages out to about 8.5% a year.
(Note: that the sales recorded come from the town of Greenburgh and the HGMLS.)
Some additional links that might be helpful:
My Flickr Feed on the Tarrytown Lakes
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