“All real estate is local.” This is a phrase that I have been intoning to my with greater frequency over the past few months. We’ve all heard that phrase “location, location, location” so often that it has almost lost all meaning to us. Even though many regard the phrase as something of cliché – it is more relevant then ever in a changed market.

Westchester NY is just outside New York City. Westchester is an ideal example of just how hyper-local real estate can really be. Prices in parts of Westchester have been remarkably “sticky” since the beginning of the real estate downturn while other portions of the county have experienced a significant correction. What separates the areas with sturdy price-points from those that have gone down in price? There are a variety of reasons – However, all things being equal, if you are living in a community that has one of these – you are probably sitting on prime real estate that has held its value well:

Yup, it’s a train station. What does a train station have to do with housing prices? Plenty. Due to the high price of gasoline, more and more people are choosing public transportation and in many parts of Westchester, the commute to mid-town Manhattan by train can be a mere 20-40 minutes. So in this day and age, if you’ve got one of these in your neighborhood – you’ve got some prime real estate.

The typical buyer is coming in with a new set of criteria. They want easy access to the trains (being within 0.5 miles or easy public transit to the train is often a criteria.) They want to leave the car behind and walk to shopping and walk to fine dining and entertainment. Easy access to major arteries such as I-287 and easy access to White Plains or New Rochelle which are prime commuter destinations for those who don’t work in Manhattan are also key.

Interestingly, I have seen several articles over the past couple of weeks that confirm that these observations are not mine alone.

• Peter Goodman of the New York Times reported that life in the “exurbs” was becoming increasingly problematic and that a shift towards a more urban environment was at hand.
• The Journal News wrote two articles about Train Station renovations including Ken Valenti’s article on the extensive renovations just completed on four Hudson Line train stations and the ongoing work on three others.
• Matt Carter of Inman News just reported on how there is renewed interest in housing within easy “walk zones.”

In Westchester in particular, these compact convenient neighborhoods provide unique opportunities for New York City transplants. Traditionally, die hard Manhattanites have spurned the idea of living in Westchester and liken it to the sticks where cow pastures rule, but no more. New Yorkers are starting to realize that they can have more elbow-room (square footage) lower overhead, similar amenities and be just a short pleasant train ride away from midtown Manhattan. In fact, the commuting time from lower Westchester is similar to some parts of upper Manhattan – and a ride on Metro-North can be a pleasant and productive one. Nothing like riding the subways.

Over the next few weeks I will be profiling several towns and villages the fit some of the above criteria. Please stay tuned. And to those die hard Manhattanites who are still skeptical– I think you may be surprised at what Westchester has to offer.