The Ritz Carlton – White Plains NY

All buyers looking at Westchester condos for sale know about the Ritz Carlton of White Plains NY.   Among White Plains NY Condos for sale  the Ritz Carlton is at the pinnacle on the luxury scale.  Just a block from City Center  (1-5 Renaissance Square)  the Ritz Carlton is at the center of everything.   Getting much closer to the center of town would be difficult.  You can easily leave the car behind and walk to shopping, fine dining, entertainment and the train.  With the likes of New York transplants such as BLT Steakhouse , the newly opened Serafina and Level 42 a top the  Ritz Carlton itself.  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.

At the Ritz Carlton  –  you are not just buying a home, you are buying a lifestyle…

In addition to the convenience of being steps from just about everything, there are plenty of amenities to keep you right at home.   There is a lounge, a fitness center which is very complete.  There is also a spa,  a pool and media room as well as a terrace. There is room service through the hotel as well as maid service.  A jitney whisks commuters to the Metro-North Train Station which is about 0.5 miles from the complex.  Everything is close at hand and very convenient.

The Ritz Carlton of White Plains NY – Westchester Magazine’s Dream Home – 720p.mp4 from Fotos On The Fly on Vimeo.

The Ritz Carlton Residences of White Plains NY…

The floorplan is open and the floor to ceiling windows expose magnificent views of the Long Island Sound or the Manhattan Skyline.  The kitchens are open and boast walnut cabinetry and Viking appliances, including a wind fridge.   The master bath has Aurora Rose Marble throughout and Kohlar fixtures. There are walk-in closets with custom storage systems  in the Master BR.  Ceilings are generally 9 ft in height giving a feeling of added space with 10 ft ceilings in the penthouses.

The Ritz Carlton – White Plains NY – Pricing and Sales History…

The official opening of the Ritz Carlton could not have happened at a more inauspicious time for the Westchester Housing market.  The first tower (One Renaissance Square)  opened for sales – just as the fall out from  the sub-prime loan debacle was starting to shake the market.  Its difficult to determine the initial sales volume since, like most new construction, many sales were not conducted via the MLS. Prices actually inched up during 2008.  But once the financial crisis of 2008 and the stock market crash happened – prices fell.  The first recorded sales for the second tower (Five Renaissance Square) occurred in 2009 during the height of the financial crisis.

The Ritz Carlton has had a more uneven recovery than its sister complex (Trump Tower).  The finances of both complexes was cause for concern for several years.  This was mostly due to the unfortunate timing of the openings and the financial travails of the original builder (Louis Cappelli).  As a result, the Ritz Carlton took a bit longer to recover from the housing recession.  But in 2014, it came back to life all at once posting a near 30% increase in median sales price when compared to 2013.  Higher prices have been sustained and augmented with a median price increase just north of 7% of 2014 as of August 2015.

This is similar to what was seen at Trump Tower, although the gains were more gradual and started earlier  in latter half of 2012. Prices are now back to where they were during the initial sales phase in 2007.

The chart below  (derived from the HGMLS) shows the median sales prices for both towers from 2012 to midyear 2015.   Note that since the two towers are separate condominiums, their numbers are given separately when discussing median sales prices.

Ritz Carlton - Median Sales 2015 500px

Since new units  still represent the majority of listings that are for sale in 5 Renaissance  Square, there is a price differential between the two buildings that can’t be ignored.  Like most new construction, there is little to no negotiating room on pricing for a new unit.  Hence the higher median sales price.  By contrast, the units in 1 Renaissance Square are all resales.   For those not wanting to pay top-dollar, purchasing a resale is something that should be under consideration.  It should also be noted that a recorded sale for $9.5 million in 2014 at the Ritz is certainly a new high water mark for the city of White Plains.

The chart on sales volume (derived from the HGMLS) reflects the total number of units sold on the MLS in both towers.  It should be noted that as in most new construction, it is likely that there were sales that are not recorded  on the MLS, so more units may well have been sold.  Sales volume for both complexes shot up in 2013 and that volume has been sustained with normal variation.  If the present trend continues, sales volume for 2015 will exceed what was seen in 2013 and 2014.

Ritz Carlton - Sales Volume 2015 500px

 

Advice For Potential Home Sellers and Home Buyers…

In 2015 the news for sellers is positive.  Prices have recovered and demand is strong.  For sellers, it is important to remember that the highest prices are going for brand new units and that that has to be taken into consideration when pricing a unit for resale. Nevertheless, the market is a strong one. Newer luxury condos are in short supply in Westchester, so supply and demand is working for you.

Potential buyers are working with a sellers market and must be realistic.  No one is going to be able to “steal” a condo under these conditions.   One thing I warn my buyers against is the urge to try and “beat the market”.  These attempts never truly work because the market sets the price.   There are gains to be made in this market, but those gains are being made through appreciation, not bargain hunting.  But prices have only just recovered from their lows and there is room for appreciation.

 

Further Reading:

Trump Tower White Plains NY

Westchester Dream Home – Penthouse Edition – 2014

 

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