When is the best time to buy a condo in White Plains, NY?

Asked by Juvy, White Plains, NY Tue Oct 16, 2007

The prices seems getting higher year by year, is the prices not going to go down?

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Pauljenny208, Home Buyer, White Plains, NY
Wed Sep 16, 2015
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0 votes
N/A, , Westchester County, NY
Sun Dec 2, 2007
I think anything you can buy in White Plains is a great Idea. Single and Coop Sales have actually gone up while Condo and Multi Family Home prices have fallen. Dont judge the market when you feel pricing will go up or down. If anyone really knew we wouldn't be sitting here giving advise but be in the Bahama's on the beach all year. What I can say right now is the best time, because interest rates are at 40 year lows and who knows where they will be tomorrow. With a good Realtor on your side you will get a killer deal anyway. Good Luck to you!

Mike Luchen
REMAX Power Realtors
914-316-9486
http://www.WhitePlainsNewYorkCondos.com
0 votes
Ruthmarie Hi…, , Westchester County, NY
Fri Nov 9, 2007
The only thing I would be CAUTIOUS about is the high-high end. The reason for such caution has to do with the fact that this market simply didn't exist two years ago and that does increase risk slightly. However, I should also add that sales at the Ritz Carlton appear to be strong. However, at the lower, and moderate ends (let's say under $1.5 million) you are in very good shape.

I wrote a blog about this recently - totally unrelated to pets - sighting an article in the NY Times regarding the market in Manhattan - and I relate it to what is happening here. It was in part a response for you and several other buyers who have been praying for a price implosion which isn't happening - and in response to the article itself which shows why the NYC market is so strong and has every reason to stay healthy. You can use the link below to go right to it.

The bottom line is that the longer you wait, the higher the prices will get.
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Carolyn Scho…, Agent, White Plains, NY
Thu Nov 8, 2007
As an agent selling in White Plains for twenty years, I can tell you it is always a good time to buy a condo! There has been tremendous appreciation in condos, and it will continue, as more are built, and more people run from NYC prices, but still need the promixity to their job in NYC. The commuting is a breeze and the city is so exciting now with all the shops and restaurants, movie theaters - it is a great place to live! There are many choices with hi rise buildings, garden style, some with pools, concierge, all the amenities of living in Manhattan. One bedrooms start in the $200's-$300's, and 2 bedrooms more in the $4's and up. Townhouses are more pricey but very, very desirable and always sell quickly when priced right.
Web Reference:  http://www.Cloud9homes.com
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Ruthmarie Hi…, , Westchester County, NY
Sat Oct 27, 2007
The simple answer is that you buy a condo when you are ready to commit to the purchase of a major piece of real estate. At this time, interest rates are low and buyers have negotiating room. No one knows how long these positive circumstances will last.

Downtown White Plains is being driven by prices in NYC. Prices in NYC are being driven by demand from wealthy buyers who are not concerned about mortgage rates and foreign buyers for whom the exchange rate is favorable. In other words, in spite of the "hype" in the news media, real estate is a LOCAL business.

Overall, prices have been rising, but I consider them to be more level than the stats indicate because a lot of the net rise in price has to do with the fact that a new high-end market has appeared in the form of new construction over the past couple of years. The Ritz Carlton is accounting for a lot of the price increases. Eventually, the trickle down effect will be a price increase. So condos under $1 million are poised to go up over time.

Feel free to contact me and view my blog site. The site is geared towards people with pets, but you can learn a lot about individual complexes and the cost of living in a condo from the information I have there.
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June S. Sand…, , 10601
Wed Oct 17, 2007
I think prices have leveled off quite a bit and interest rates are still low. It is a buyer's market, prices are always negotiable, and there is a multitude of condos available in the White Plains area. Be aware, please, that most sales in this area have been within 96% of asking; sometimes over asking. So, if you are a serious, qualified buyer, be prepared to offer close to asking price. No one has a crystal ball but I would venture to say if you are prepared to buy, the time is good to begin. Please call me if you are interested in additional information; I am a phone call away and would be delighted to assist you.
June S. Sandberg, e-PRO, CBR
Keller Williams NY Realty
120 Bloomingdale Rd.
White Plains, NY 10605
(914) 450-0514 (cellular)
(914) 437-6261 (office)
jsandberg@topproducer.com
http://homesbyjune.com
0 votes
Pierre Calza…, Other Pro,
Wed Oct 17, 2007
Simple answer: The right time to buy a place is when you can afford one.

Longer answer: The longer you wait, two things can happen - the prices go up, or they go down. In both situations - Saving - money is just a perception. As prices go up, interest rates tend to be low, as they still are now. when prices drop, interest rates tend to raise. What this means is that the same house can cost you less money - monthly - in a good market. Also, you need to consider how you will finance, what kinds of loans are available, etc. Personally, I have never bought or sold a home because the price was right - it was always necessity - i needed my house, I bought my house, it got to small I sold it and bought another one. In each situation i actually made off pretty well. Did I plan it? no. But my needs were met, and oh by the way i was profitable. In either situation, necessity was the driver of my purchase, not greed or buying at the right time. It is like "waiting" to have a kid until you are "ready" - are you ever ready? - HA!
0 votes
Robin Lynch, , Westchester County, NY
Tue Oct 16, 2007
Anytime. Currently, there are 98 condos on the market in White Plains according to the WPMLS. These basically range from studios to a 5 bedroom. The prices range from $209,000 to $3.038M. If you are interested, please contact me. Robin Lynch, Century 21 Wolff White Plains
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