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.
Living in Downtown White Plains:
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 42 at 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:
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 a stunning 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.
Whether you are searching for a home in Westchester or selling your current home, I am here to help. To go to the next level, you can start a custom home search or ask for a home evaluation. All you need to do is click one of the links below or contact me directly so we can discuss your purchasing or listing needs.
© 2013 – Ruthmarie Garcia Hicks – https://thewestchesterview.com – all rights reserved.