Home Buying in 10601>Question Details

Catherine Ha…, Home Buyer in R.M.R. Industrial Park...

What was the original selling price (in 2007 or 2008) for a one bedroom, 1.5 bathroom unit in the Ritz Carlton Residences in White Plains?

Asked by Catherine Hamilton, R.M.R. Industrial Park, Laredo, TX Sat Jun 1, 2013

Is it a good time to start looking and or buy? Is it a good investment? And how easy is it to rent out an unit in this building?
Thanks!

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Arline Lane, Associate Broker, Houlihan Lawrence, White Plains

One bedroom apartments at the Residences at the Ritz-Carlton are only on the 18th floor and below so they don't have the spectacular high-in-the-sky views of the tower units. Nonetheless they are now in demand and only one small one is currently for sale. As with all the apartments at the Ritz, prices came down substantially during the worst of the recession when I represented a seller of a one bedroom apartment there who sold considerably below the amount at which he bought it. Prices are now climbing back up as illustrated by the increased prices of the remaining two bedroom apartments in Tower 2. Since homeowners seeking to downsize to an apartment from a house are now able to do so and there is considerably more traffic in Tower 2 than there was when homeowners couldn't sell. In my professional opinion, prices at the Ritz will increase over time. The reason? The Ritz is the newest luxury building in the city, there is no other similar construction underway here or in the planning phase. It will take years before there is another option in luxury living in White Plains and prices and mortgage rates are favorable so if you can find a one bedroom to purchase at the Ritz, do it!
1 vote Thank Flag Link Thu Jun 13, 2013
Did a rather quick search for you and was not able to find the precise answer to your question, in that I found two bedroom units selling for a bit in excess of of 1 million. One at $1,045,000 and another at $1,145,000.
My search in the multiple system did not come up with what you specifically asked about. A one bedroom during the years 2007 and or 2008.
Yes good time to buy. Interest rates all time low and prices in the building have for sure gone down. For instance our office had a 2 bedroom that originally sold for, (I believe, $1.4) and it sold in the low 800's. Renting?? Rental market is very strong,
Hope this helps a bit.
1 vote Thank Flag Link Tue Jun 4, 2013
According to the MLS - the median sales prices at 1 Renaissance Sq was $755k for a 1 BR unit in 2007-2008. In 2012 -2013 that median price is down to $532.5K. (5 Renaissance square was not open at that time - so I am only referring to the first tower.) At this point, prices for luxury condos are turning back up and interest rates are probably going to rise at some point. So, is it a good time to buy? Yes, unless you want to pay more for it later. As for renting. It is easy to rent them, they fly off the shelf.

As a long-term investment, one thing that I have learned over the past six years is that I don't have a crystal ball. But looking at the big picture, I would have to say yes -it probably is. White Plains has just its bond rating upgraded and is on an upswing. The city has shown itself to be resilient even in the face of the worst recession since the great depression. So you are investing in a stable city with great growth potential. Condo living is becoming more and more popular and as the market recovers prices should continue to go up. But remember that this is a long-term picture. I'm not suggesting that anyone buy and flip in a year or two.
1 vote Thank Flag Link Sat Jun 1, 2013
Oh,

Good Christopher told you about the one bedroom units.
Again just keep in mind that it's a great time for buyers and jump in!!
0 votes Thank Flag Link Tue Jun 4, 2013
Hi, the one bedroom units opened at a price of $750k, prices have dropped since then. The second tower isn't sold out yet and those units have been on the market for awhile. The rental market in there is strong, I know a few people renting at the moment. In terms of a good time to buy, it definitely is because mortgage rates are still incredibly low and prices are down significantly. We are seeing a turnaround in WestchesterCountyRealEstateMarket due to a swift spring market. Another factor for you will be the length of time you plan to own the unit. If you are in it for the long haul then you should see benefits.

Sincerely,

Christopher Pagli
accredited Buyer Representative
914.406.9023
0 votes Thank Flag Link Sat Jun 1, 2013
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