New Rochelle was a city that was coming into its own when the housing recession hit in full force. The downtown has been in the process of a major rehabilitation. Today, you can see the benefits of that effort, but with a depressed housing market, prices have stalled out and there are bargains to be had.
Make no mistake, New Rochelle is still up-and-coming. Whereas it does not have the attraction of being as fully “established” as its sister city, White Plains – the future looks bright. Many who want White Plains, but find it inaccessible price-wise find themselves attracted to New Rochelle. New Rochelle also has something land-locked White Plains will never be able to offer – water front property on the Long Island Sound.
Buyers who were disappointed that the White Plains market didn’t crash through the floor – should stop wishing for the impossible and give New Rochelle a second look.
Cooperatives:
Coop sales are down 33% over the previous year with prices slightly elevated. Given the low volume, I would associate the price rise to be due to random gyrations and describe the pricing as declining slightly or just flat. There is a 19 month inventory on the market – making this a buyer’s market.
Condominiums:
Condos in New Rochelle took a plunge. Prices are down 26.3% over the previous year with about 35 months of inventory left on the market. This market was overbuilt during the boom. The overbuilding included too many town houses along with the high-rise condos of Trump Plaza. Volume is off over 33% from the previous year as well. This is a market that buyers should be actively seeking – not shunning.
Single Family Homes:
The divergence between the high-end and low-end markets shows very distinctly here. The stats generally show a 4% price change, but that change is much greater at the high end where sales are very depressed. If you use $800k as the cut-off between the markets, the dichotomy is very clear. In the under $800k range – 48 homes sold while only 9 sold that were over $800k. Add to that the difference in inventory – 9 months for under $800k, 36 months at the high-end and you have two very different markets.
Further Reading:
Housing and Market Statistics for New Rochelle NY – First Quarter 2009.
New Rochelle NY – Housing and Market Statistics for Fourth Quarter 2008.
© 2009 Ruthmarie G. Hicks – http://thewestchesterview.com. All rights reserved.
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