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!
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.
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.
accredited Buyer Representative