(SCROLL DOWN VIDEO WALL TO WHITE PLAINS WEEK!)
WPCNR REALTY REALITY. Special to WPCNR from Hudson Gateway Association of Realtors. July 6, 2021:
Residential home sales in the lower Hudson Valley for the second quarter of 2021 continued the recovery from the depths of the Covid-19 crisis a year ago, with every county in the market demonstrating gains in the number of sales as well as increased median sales prices.
In terms of units sold, sales in Westchester were up 59.9% or 2,898 units as compared to 1,812 units in 2020 in the first six months. To provide greater context, when comparing unit sales between the second quarter of 2021 to the second quarter of 2019, Westchester sales increased 16.25%
The median price for single family houses in Westchester County, which has the highest price points, rose 17.6% to $835,000 from $710,000 last year.
While these sales numbers evidence strong resiliency in the housing market, it is important to view them in the context that the housing market in the second quarter of 2020 was in large part frozen by Covid-19 restrictions and an inability to conduct in-person property showings. However, even when comparing the 2nd quarter 2021 sales to the pre-pandemic 2nd quarter of 2019, the increases are still significant.
Orange County experienced a 57.3% increase in sales going from 744 units in 2020 to 1,170 units in 2021 second quarter. Putnam and Sullivan counties were each up significantly, Putnam with 350 sales compared to 260 in 2020 and Sullivan County with 356 units sold from 197 units in 2020. In Rockland County sales increased 74.5% to 850 units from 487 in 2020. While not considered a suburb, sales in Bronx County increased 101.7% at 599 units sold compared to 297 units in the second quarter of 2020.
Quarter to Quarter, Orange County increased 13.7%, Putnam increased 27.27%, Sullivan increased 56.83%, Rockland increased 33.86% and the Bronx increased 21.75%.
Median sales price (the point that indicates the exact middle of the market) also increased in every area and continues to exceed the “bubble” prices of the 2008-2009 market.
The median sale price for a single-family residential unit in Orange County rose 20.8% to $360,000 (from $298,000 one year ago), exceeded by an increase of 31.4.% in Sullivan County to $229,900 from $175,000 one year ago. The median sale price for a single-family residence rose in Putnam County by 23.3% to $442,000 (from $358,400), in Rockland County by 15.8% to $550,000 (from $475,000) and Bronx County saw a 7.2% increase to $565,000 (from $527,000) as compared to the second quarter of 2020.
Sales of condominium units increased in in all counties (except Sullivan) and co-op sales in Westchester and Bronx counties continued to surge.
Co-op sales have been lagging in both counties for the past year AND PRICE but rebounded in Q1, 2021. It is likely that this rebound can be attributed to the dearth of choices in other housing types as well as the fact that co-ops remain an affordable alternative, at a median sale price of $190,000 (identical to the median co-op price in the 2nd quarter of 2020) in Westchester County and $230,000 in Bronx County, for first time buyers and other potential purchasers unable to afford rising single family home prices.
While the housing market continues to be plagued by a lack of inventory, it is still supported by low interest rates and an economy and job market which is surging as a result of Federal stimulus monies which were pumped into the economy over the last year.
While the lower Hudson Valley markets may have initially benefited by Manhattan residents departing the city for the suburbs, (a trend which may well have been over-stated) the New York City residential market is also showing signs of a strong recovery. It could be argued that the increased sales numbers throughout the New York City and greater suburban area are the result of the pandemic accelerating the natural migration of home-owners who might
otherwise have delayed home purchasing and selling decisions. The same questions about the sustainability of the current market continue to exist, especially with rising prices.
With the economic recovery in full swing, it appears that the housing market should remain strong for the balance of 2021.
GOOD MORNING DENNIS AND TONNY FROM WHITE PLAINS NEW YORK WHERE IT’S 74 HAZY MUGGY WPCNR DEGREES.
LAST WEDNESDAY THE APPELLATE COURT, SECOND DEPARTMENT IN BROOKLYN DEEEEEEEEEEEENIED WHITE PLAINS EMINENT DOMAIN MOVE TO ACQUIRE POST ROAD ON THE BLOCK ADJACENT TO THE WINBROOK APARTMENTS FOR THE PURPOSE OF AN UNKNOWN PROJECT.
THE OWNER OF ONE OF THE PROPERTIES THREATENED WITH THE CITY’S EMINENT DOMAIN TAKEOVER SAID THE COURT DENIED THE CITY FOR THREE REASONS.
1.) THE CITY RELIED ON A TWENTY-FIVE YEAR OLD DESCRIPTION OF THE PROPERTIES AS A “BLIGHTED AREA” AND IT IS NOT.
2.) THERE WAS NO REASON GIVEN FOR TAKING THE PROPERTIES.
3.) A CITY MUST BE SPECIFIC IN SAYING WHAT THE CITY INTENDS TO DO WITH THE PROPERTIES SHOULD THEY BE ACQUIRED.
GABRIEL ARANGO, ONE OF THE OWNERS OF THE PROPERTY FILED THE SUIT. THE OWNER SAID THE WHITE PLAINS HOSPITAL HAD PURCHASED THE DENTAL PROPERTY PART OF THE ORIGINAL TARGETED PROPERTY
THE SOURCE ALSO SAID THE CITY HAD ALREADY PUCHASED THE FIRESTONE AND PHARMACY PARCELS ON POST ROAD. HOWEVER HE HAD NO IDEA WHAT THE CITY WOULD DO WITH THEM NOW. IT WAS THE PROPERTY OWNER’S IMPRESSION THAT “THE HOSPITAL GOT WHAT IT WANTED, ” AND NOW IS NOT INTERESTED IN THE PROPERTIES WHOSE OWNERS WON THE SUIT IN LAST WEDNESDAY’S DECISION.
THE APPELLATE COURT SECOND DEPARTMENT DECISION CAME DOWN HARD IN ITS JUDGMENT WRITING:
“THIS COURT WILL NOT ACT AS A MERE “RUBBER STAMP[ ]” TO APPROVE FINDINGS OF BLIGHT WHERE THE CONDEMNING AUTHORITY HAS FAILED TO PROVIDE EVIDENCE TO SUPPORT ITS FINDINGS HERE, THE AGENCY’S “BARE PLEADING” OF SUBSTANDARD CONDITIONS DID NOT SATISFY ITS OBLIGATION TO RESPOND TO A CHALLENGE TO ITS FINDING OF BLIGHT BY PRESENTING “AN ADEQUATE BASIS” FOR ITS CONCLUSION
BOOM!
THEY CONTINUED, A CONDEMNING AUTHORITY DOES NOT DEMONSTRATE THAT PROPERTY IS SUBSTANDARD FOR THE PURPOSE OF URBAN RENEWAL, THE AUTHORITY MUST IDENTIFY SOME PUBLIC PURPOSE OTHER THAN THE PURPORTED REMEDIATION OF BLIGHT WHILE A CONDEMNING AUTHORITY MAY SELECT VIRTUALLY ANY PROJECT WHICH “CONTRIBUTES TO THE HEALTH, SAFETY, GENERAL WELFARE, CONVENIENCE, OR PROSPERITY OF THE COMMUNITY” THIS BROAD DISCRETION DOES NOT RELIEVE THE AUTHORITY FROM SELECTING A PARTICULAR PROJECT AND, WHERE DEMANDED BY THE PROPERTY OWNER, SUBMITTING THAT PROJECT TO JUDICIAL SCRUTINY.
THIS RULING THAT THE CITY HAS NOT ISSUED A REACTION TO WHEN ASKED BY WPCNR EXPLICITLY RESTRICTS ANY CITY TOWN OR COUNTY FROM MAKING SPECIAL EMINENT DOMAIN ACQUISTIONS FOR THE BENEFIT OF FAVORED PROJECTS WITHOUT DISCLOSING THEM: DEALMAKERS TAKE NOTE.
TONIGHT AT THE COMMON COUNCIL MEETING AT 255 MAIN STREET, THEY’RE HAVING A PUBLIC HEARING ON THE SENLAC RIDGE 701 WESTCHESTER AVENUE PROJECT THAT WOULD RAISE WESTCHESTER AVENUE TWO STORIES AND TURN IT INTO 360 APARTMENTS
IN A LETTER NEIGHBORHOOD ASSOCIATIONS SAID THIS PROJECT IN CONJUNCTION WITH OTHERS PLANNED NEARBY, WILL RESULT IN AN ADDITIONAL 2,100 VEHICLES THAT WILL BE UTILIZING BRYANT AVE., NORTH ST., RIDGEWAY, MAPLEMOOR –SAMMIS LN.
• WE HAVE ADDITIONAL CONCERNS ON THE IMPACT TO OUR MUNICIPAL SERVICES, PARTICULARLY THE RIDGEWAY FIREHOUSE AND LADDER 34 WHICH CONTINUE TO OPERATE AT PART-TIME STATUS.
• OVERALL, THE SOUTH END OF WHITE PLAINS IS A LOW DENSITY, SINGLE FAMILY AREA THAT WE DO NOT FEEL IS A FIT FOR THESE HIGH-DENSITY RENTAL UNIT PROJECTS. WE FEEL THESE RENTAL UNITS FIT IN WITH THE DOWNTOWN AREA CLOSE TO THE METRO NORTH STATION, BUS TERMINALS AND WALKABLE RETAIL. NOTWITHSTANDING, THERE ARE ALREADY OVER 5,500 MULTI-FAMILY UNITS SLATED TO BE CONSTRUCTED IN WHITE PLAINS, SO WE QUESTION DO WE NEED TO ADD AN ADDITIONAL 360 UNITS IN WHAT SEEMS TO BE AN ALREADY SATURATED MARKET.
SO THAT ACTION TAKES PLACE THIS EVENING. WHETHER THE HEARING WILL BE CLOSED AND VOTED REMAINS TO BE SEEN. I SUSPICION IT WILL BE CLOSED AND VOTED ON IN AUGUST BUT YOU NEVER KNOW.
COVID INFECTIONS CONTINUE TO RUN AT HALF OF 1 PERCENT FOR THE LAST WEEK THROUGH YESTERDAY 12 STRAIGHT WEEKS OF SUSTAINED DECLINE IN COVID INFECTIONS. FROM JUNE 29 THROUGH JULY 4 THE COUNTY TESTED 23,220 AND 89 TESTED POSITIVE, A RATE OF JUST UNDER HALF A PERCENT. AND NO DEATHS AT COUNTY EXECUTIVE LATIMER SAID EARLIER THIS MORNING.