Market Update – The Broadlawn – Downtown White Plains

Often when buyers start looking for White Plains NY condos for sale, they find themselves drawn to older complexes with old-world charm.  Westchester coops comprise the largest share of pre-war buildings and many high-end Westchester coops end up being on the short list of buyers for White Plains NY condos.  The Broadlawn of White Plains is just such a complex.

The Broadlawn – White Plains – Sales History:

The current sales prices reflect  a recovering market for cooperatives in Westchester generally.  This sector of the market was particularly hard-hit once the the new buyer tax credit expired in 2010. The charts below track sales prices and sales volume from the peak in 2007 through the crash and through the first half of 2012.  The red bars indicate the years before the crash of 2008, the green bars are for years after the crash.  The current year – which is half over, is depicted in blue.

The pricing chart was created using 2 BR units as the model since there are far fewer 1 BR units and statistical information is difficult to obtain on those.   At first blush, sellers at the Broadlawn should be thrilled at this chart.  But the first 6 months of sales comprised a wide range of prices reflecting mostly the condition of the unit. Although the median price was $340k, the range went from $327k-$342k and sales that occurred in July are not  recorded here.  However 1 2BR unit sold for $276k in July.  The units that sold during the first six months so the pricing is a reflection fo that fact.

1 BR units sold in a range from $140k – $180k.  The variables in this case, included the size of the unit involved as square footage ranged from 560-750 sf.

The sales volume chart shows how volume crashed in 2009 and the came back in 2010.  The sales in 2011 were skewed to the latter half of the year.  2012 is showing amazing strength with 6 units sold in the first half of the year, 2 more units sold during July 2012 and 5 units under contract.  Even if there are no additional sales during the year, that puts the volume back to 2007 levels.

This market is slowly transitioning to a sellers market. Something we haven’t seen in White Plains for a while.

© 2012 - Ruthmarie G. Hicks - http://thewestchesterview.com - All rights reserved. 

Market Update – The Broadlawn – Downtown White Plains