Home Buying in 10601>Question Details

Rory, Home Buyer in White Plains, NY

Which of these apartment buildings has better re-sale potential?

Asked by Rory, White Plains, NY Tue Jul 29, 2008

I am looking at three different 1-bedroom apartments in White Plains. One at 25 Lake St, one at 4 Windsor, and one in Bryant Gardens. Which area of white plains/apartment building typically has the best re-sale value, and which sells faster than the others?

The Bryant complex is nice, but a bit far from downtown. Windsor's apartment was nice, but I did not like the street and parking situations. Lake St was nice, but the apartment faced the street which can be noisy. Which area and building is known as being the nicest?

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Answers

7
Hi,

I would evaluate using criteria like...

Is parking available?
If not, is it easy/convenient to find an off-site alternative
Is the parking space an assigned space? If not is it difficult/inconvenient to find a space.
Size of unit?
Condition of unit? (Fix up potential)
Condition of the building/complex? (Any major capital project planned or recently completed?)
Is the building in good financial shape (How's the reserve fund?)

Assuming the complexes and financials for the complexes that interest you are in okay condition I would probably rank the complexes like this...

25 Lake
Bryant gardens
4 Windsor (no parking is a big downer in my opinion)

The general marketplace tends to raise and lower all ships pretty equally, so one complex generally doesn't outperform another one. You have to take into consideration a lot of other variables like maint, fees, flip taxes, special assessments, convenience, amenities, layout, storage, special features, ...and the big unknown...how much competition will you have at the time you sell and what will the general market conditions be at the time you sell.

Bottom line: As far as I am concerned, I don't buy into the idea that anyone can guarantee that one complex will outperform another complex as far re-sale potential is concerned...you can just do your best to buy into a situation that enable you to be able to offer the most pluses/benefits to a buyer at the time you sell.

I've lived in White Plains my entire life. I've been in the business for 20+ years and I specialize is selling White Plains.
1 vote Thank Flag Link Tue Jul 29, 2008
Hi Rory, In my professional opinion the Windsor or Lake st units are walkable to everything, bryant ave is a bit more removed. Parking can be really tough for Windsor, although you can usually find street parking on Constant ave. 4 Windsor only has 2 available units right now and one in contract that was on the market for 90 days. There aren't too many units that come on in that building and that shows that people like to stay there. Always a good sign! As for 25 Lake there are two available and 2 in contract (one on for 50 days and the other 124). 25 lake has security, storage room, and common laundry as additional amenities (walk to everything) and 4 windsor only has common laundry. The last thing you want to look at is the owner occupancy to rental ratios, building financials, monthly maintenence, any ongoing assessments because these can make or break a deal. Unfortunately you usually don't get to see the financials of the building until you have interest or an offer and then your attorney will go over it with you. My advice is to make sure you have your agent try to get as much as the financial info as possible.

Sincerely,

Christopher Pagli
Associate Broker
Legends Realty Group
914.406.9023
1 vote Thank Flag Link Tue Jul 29, 2008
It's not a matter of better - its what you like. One thing you should do is check out the immediate area. For example, Bryant Gardens is near a very upscale neighborhood and a golf course which is nice for walking. If that is something that means a lot to you, you should let that guide you. If being near the center of things is important to you - let that guide you. Both areas have distinct positives. It's more a matter of personal preference.
0 votes Thank Flag Link Sat Oct 25, 2008
If you want to be in downtown White Plains, closer to the action and walk to the train it's 25 Lake. If you want a quieter area, plenty of parking and a more "Neighborhood" feel it's Bryant Gardens.

So much of Real Estate is knowing you a little bit and figuring your wants and needs.

25 Lake and Bryant Gardens would both have good re-sale

All the best!
0 votes Thank Flag Link Wed Oct 22, 2008
When you say you are looking the question begs, have you visited all 3? Many buyers today have more information then ever before and seem to pre judge the properties based on the information they find in the internet. While helpful, there is nothing like the the feeling you get when you walk into a home as a prospective buyer for the first time. As a successful professional I see it time and again. Its a warm and fuzzy in the belly when its right. You cant get it from looking at pictures. You need to have your senses tuned in and see if you feel it when you visit. For help call me!
0 votes Thank Flag Link Wed Oct 22, 2008
Rory,

Each of these have their respective pros and cons. It really depends on your particular needs. In addition there are many other buildings on Lake Street as well as N. Broadway, Westchester Ave, Franklin and other streets that may fill all your requirements. Bryant Gardens and other complex at that end of White Plains have a completely different feel.

You should find a knowledgable realtor in the area that will take your interest to heart and guide you.

Feel free to reach out if you wish guidance with no obligation.

Steve Geiger
Associate Broker
Houlihan Lawrence
914-328-8400
sgeiger@houlihanlawrence.com
0 votes Thank Flag Link Fri Sep 19, 2008
I think in my opinion, Lake St would be your best choice at a distance. Parking is 100% a major factor in someones choice to buy, including but not limited to Walk to Train, monthly payment. Search all available coops and condos at http://www.WhitePlainsNYCondos.com
0 votes Thank Flag Link Sun Aug 24, 2008
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