Market Conditions in 10601>Question Details

Yurika Shin, Both Buyer and Seller in White Plains, NY

Any thoughts on The Residences at The Ritz-Carlton, Westchester? Investment value?

Asked by Yurika Shin, White Plains, NY Sun Oct 14, 2007

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It's kind of interesting that there have been a number of questions regarding new construction as investments. As a general rule, they are less likely to be good "investments" over the short term. It might be because purchasing something that is move-in ready with all the modern amenities is very appealing to the consumer. But too many people have that same idea, buy things at pre-construction prices with the idea of flipping within a very short period of time. BUT - Mike is essentially correct. You can have too many units dumped on the market at one time. Buying something that is'nt quite so shiny new, but in the same neighborhood yields far better results. It's also better to not to buy at the top of the food chain. Buying a more modest unit in the same geographic area is a better bet because its value will rise as the new price points offered at the Ritz Carlton sink in and lift all boats in the area.

The posters here have generally offered sound advice. No one is saying "buy, buy, buy!" It's advice all potential investors should heed.
1 vote Thank Flag Link Thu Dec 20, 2007
The Ritz Carlton in White Plains is brand new construction and represents a new level luxury for the city. The units are simply beautiful. You are right in the middle of the down town just a block from City Center. The luxury market is very strong in White Plains and continued growth of this market is expected over time. But TIME is the key here. I would never suggest the Ritz Carlton as a quick flip. The views sensational and get more so the higher you go. You will build value over time. This is not a short-term investment and should be undertaken with that understanding. Although only a few units are listed on the MLS they are going under contract - so they are truly selling - there is a strong market for them. If you would like the limited listing information available, I can easily send it to you via email.
1 vote Thank Flag Link Sun Oct 14, 2007
I haven't heard of strong resale values on condo hotels, but the value is more in the utility of the unit.
1 vote Thank Flag Link Sun Oct 14, 2007
Deborah Madey, Real Estate Pro in ,
I don't think I would buy a condo in the Ritz with the intention of selling it in a year. As a long term investment, however, I believe the value will be there. There are beautiful views and it is right in the heart of downtown White Plains which is a plus. The apartments are luxuriously appointed and are generous in size.
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0 votes Thank Flag Link Sun Oct 14, 2007
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