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!