Ruthmarie Hicks

Although I hate to admit it, I’ve become somewhat fascinated by the Ritz Carlton. I’m not generally a fan of modern architecture. My personal taste leans more to the art nouveau look of the Bar Building which stands in ornate contrast to the sleek towers. But one thing I have noticed about the two 42 story towers gracing our downtown is that they never look the same. Like a chameleon that changes its coloring to blend into its surroundings, the mirrored façade of the Ritz is constantly changing to reflect the “mood” of the sky at any given moment – changing constantly as the day progresses from dawn to dusk. You can look at it a thousand times and it will always appear different. The façade changes with the time of year, the time of day, the cloud cover, the humidity etc.

Today I saw the towers on bright day with fairly substantial cloud cover. It was like the towers blended into the sky. They were almost like a ghostly illusion jutting into the clouds.

The Ritz Carlton also reflects the surrounding buildings. Here the Ritz reflects Trump Tower, part of City Center and 1 City Place.

Here are some interesting pricing and sales statistics for the second quarter of the year for White Plains, NY. I have compared the current data with data from the same period the year before and some interesting trends that I have casually observed become quite clear through the numbers.

1. Sales Price – 2007 vs. 2008:

This first chart shows average pricing changes from the second quarter of 2007 and 2008.

• For cooperatives, the pricing remains flat at an average price of $217,000 for both years.
• Condos showed a startling statistic with raw prices up 18.5% from an average price of $440,000 in 2007 to $540,000 in 2008. This number was startling but was skewed by the presence of high-end closings from the Ritz Carlton which represents a new price level for the White Plains condo market. When condos of $1 million and over were removed from the statistics, the 2008 figure goes down considerably showing that condo prices were still up, but only by 6.4% - a much more realistic figure.
• Single family homes showed the most weakness in pricing being down (-6.4%) over last year.

2. Solds/Pendings May – June 2008 vs. Current Inventory (Active Listings):

These figures reflect the relative strength of the market. A typical buyer’s market is a market in which there is more than six months of inventory available.

• Cooperatives and condos have 4.8 – 4.9 months of inventory respectively. This is not a strong seller’s market, but it certainly isn’t a big major buyer’s market. These figures should give seller’s more confidence about listing their properties.
• Single Family homes are a different story. 7.2 months of inventory nudges this market towards the buyer’s side. The fact that there has been a price decrease as noted in the first chart confirms that buyers have the upper hand. Now, that doesn’t mean that it’s a “fire sale” as one blogger put it a few weeks ago. It does mean that sellers are going to have to be willing to make some concessions and negotiate.

3. Sales Volume April – June 2007 vs. 2008:

Sales volume is a reflection of general demand. The credit crisis and the economy have taken their toll on demand. Sales volume is down across the board: (-29%) for cooperatives, (-32%) for condos, and (-20%) for SF homes.

These statistics indicate that this is an excellent market for someone moving UP from a condo or cooperative to a single family home. That type of client is selling into (relative) strength and buying into relative weakness creating a sweet spot for the local market. So – to all my buyers/seller’s in this move-up position….let’s get moving!

Note: All of the statistics contained in these charts were derived from statistics available on the WPMLS.

This year I spent the 4th in Sleepy Hollow near Ichabod’s Landing. I decided to go for the fireworks display after going for a hike with some friends earlier in the day. I found a vantage point and settled in – conversing with all the other “tourists” during the wait.. Since I hadn’t tried this before, I just blindly followed the crowd, trusting the wisdom of the mob! We all ended up planted just above the newly created portion of the Westchester River Walk at Ichabod's Landing. To get a good spot, you had to get there early. To a child, the wait must have been endless, but Jade and Tundra came to the rescue and provided kisses and entertainment for some of the kids who were waiting for the show to begin. And it was well worth the wait. It’s hard to get good shots at night with my small camera and its delay – so I played the numbers game and took as many pictures as the delay and the low light would allow! A few actually came out reasonably well.

There are so many things to do and see in Westchester that I really needed a “top 10.” However, here are five things that are geographically dispersed, and cover a large swath of activities including family outings, outdoor activities, fine dining, the arts and entertainment. There is something for everybody here.

5. The Jacob Burns Film Center - Pleasantville, NY:

The Jacob Burns Film Center is located on Route 117 in Pleasantville, NY. It is a non-profit organization which has dedicated itself to the presentation of fine independent, documentary and world cinema.

The Center opened its doors in 2001 in the old Rome Theater, on Manville Road in Pleasantville. The Rome Theater is a landmark building from the 1920s built in a distinctive Spanish mission style. Used as a movie theater for many decades, the building fell into disuse in the 1980s and was reclaimed by the Jacob Burns Center.

Since that time, thousands have visited and benefited from the unique cinema fare the center has to offer. In addition to fine cinema, there are art exhibits, live performances, book signings, interviews, and educational programs all revolving around cinema. On the weekends there is always something special for the kids.

4. Rye Playland and the Dragon Coaster - Rye, NY:

Located off of exit 19 on I-95, Rye Playland has been a favorite family fun destination for 80 years. The major rides and attractions have a timeless look about them and the Dragon Coaster is the most famous of them all. It has been in existence for 75 years with 3400 feet of track and boasts a 128 foot drop. This ride is not for the faint of heart or those prone to motion sickness. Since I fall into the latter category, I will speak for others who say it is a ride worth taking.

In addition to the dragon coaster there are a host of other major rides and attractions, including Double Shot, Playland Plunge and much more. There is also Mini Golf, Kiddy Land for tots, a pool, a boardwalk and boating on the lake. Playland also features an Ice Palace with three skating rinks that are in operation from the end of September to the end of April.

Dragon Coaster Courtesy of NYCAuther

3. ‘42’ Top of the Ritz Carlton - White Plains, NY:

In previous posts I have covered the Ritz Carlton lifestyle and services for buyers. I include 42 mostly because of the views – although it offers the ultimate in fine dining in Westchester. The Ritz Carlton is the tallest building between Manhattan and Albany. Therefore, it is fair to expect nothing less than spectacular views from the 42nd story restaurant “42.” Depending on where you look, there are views of the Hudson, Long Island Sound and New York City to take in. So take your time and enjoy. Although I have not had the opportunity to see and taste for myself, I have been assured by others who have that 42 lives up to its reputation on both counts. Bring your credit card! This is a gourmet treat.

If a high end steak house is more to your liking, there is also the BLT Steakhouse of New York City Fame at the Ritz. BLT stands for Bistro Laurent Tourondel. Chef Tourandel has brought his unique style northwards to White Plains and it is truly a treat to eat there.

2. The Rockefeller Preserve - Sleepy Hollow, NY:

I have already mentioned the Rockefeller Preserve of Sleepy Hollow several times, but it takes its place as (rightfully) among my top five. It is a great favorite of mine for long walks with my two dogs Jade and Tundra and a favorite of Westchester resident’s and visitors alike.

The Preserve is located just off Route 117 in the hamlet of Pocantico Hills in Sleepy Hollow. The park’s primary activities include hiking, running, fishing and horseback riding. The Preserve has been designated as an “Important Bird Area” with over 180 species known by the National Audubon Society. The Preserve features many trails some more rigorous than others. A simple walk around Swan Lake makes for an easy afternoon stroll. and a lake which is an ideal location for an easy 1 mile walk. In addition, there are many trails still privately held by the Rockefeller’s that the public has access to.

To say that the history of the park is rich one is an understatement. The land was donated by the Rockefeller family of Standard Oil fame. Over 1000 acres have been dedicated to the State of New York since 1983. The family is still involved in the maintenance and welfare of the Preserve and I’ve seen David Rockefeller walking and riding in various parts of the Preserve during my fairly frequent visits.

The park has regular activities for all ages. For example, the “Young Naturalist Programs” are designed for children from 7-11 years of age. The Peonies monument for the victims of 9/11 is nothing short of spectacular. For dog-lovers, pets are welcome, but MUST remain leashed. This is particularly vital due to the runners and horseback riders that frequent the trails.

1. The Purchase College Performing Arts Center - Purchase, NY :

Who says that you have to go to Manhattan for fine performing arts? Now in its 31st year of operation, the Purchase College Performing Arts Center plays host to numerous fine artists each year. Included on the calendar for this coming season are a Gala opening with mezzo soprano Denyce Graves, performances by The Paul Taylor Dance Company, The Academy of St. Martin in the Fields Chamber Ensemble, the Male Choir of St. Petersburg, and Irvin Mayfield & the New Orleans Jazz Orchestra to name just a few. The Westchester Philharmonic has its home in the Performing Arts Center and is now under the baton of Itzhak Perlman for its new season starting in October. Directly off Anderson Hill Road in Purchase NY, Purchase College and the Performing Arts Center is less than five miles by car from downtown White Plains.

While you are there you might want to take in the Neuberger Museum of Art also on the Purchase College campus. Specializing in contemporary art, in addition to its permanent collections, it presents 12 exhibitions annually.

Right across the Street from Purchase College is the PepsiCo. The headquarters for the Pepsi Company. You may not think this sounds so exciting unless you are polishing your resume, but you would be wrong. PepsiCo is home to elaborate Donald, M. Kendall Sculpture Garden.

Nestled in the coveted location Garth Road , The Scarswold, a new condominium conversion has been open for business for about a month. The Scarswold, along with her sister complex, the Craigswald are two of Garth Road’s most distinctive complexes. Tudor in style, so popular in the pre-war period, each are one- of-a kind. With finishes and details that can not be replicated today. Just the detail in the brick work along truly amazing.

Behind the complex are beautiful gardens and from there, there there is easy access to the Bronx River Parkway Reservation which is 807 acres of linear park that extends from the Bronx to the Kensico Dam in Valhalla. The park runs parallel to both the Bronx River and the Bronx River Parkway. This is fantastic if you have a canine friend to walk. The Bronx River Parkway is also closed to automobile traffic on Sundays during the spring and summer months for biking. So if you are a biker, you have very easy access to this popular weekly event.

For its many years of existence, the Scarswold has stood out as one of Garth Road’s most distinctive rental complexes. How it escaped being converted into coops during the 1980s, I don't know. But today it is being converted over into one of the few pre-war condo complexes in the area. In the first phase, 12 units have been converted over. These are on the market now and the pricing for a condo with Scarsdale P.O. are very competitive. Part of the reason for this is that the complex does not have the “kitchen sink” mentality of more modern condo complexes which come complete with gyms, pools, media rooms, club rooms etc. wich all come a cost . (Did you really think all that was “free”?) But to compensate, the original leaded glass windows remain and some units have fire places. There are a lot of finishes that simply can't be reproduced today. Hardwood floors - a luxury in modern complexes, is the rule in a complex of this vintage. The Kitchens and baths have been renovated, but original touches such as maid’s rooms (they can be used as dens) and Butler's pantries with their wonderful walls of cabinets remain. The spaces are lovely with a lot of attention given to preserving the best pf the past.


Of course the Scarswold offers all the advantages of Garth Road. Less than 0.4 miles from the train, you can leave the car behind because getting into Manhattan is a piece of cake. Equally near to Scarsdale Village and all the shopping and fine dining it has to offer also allows you to forget the car. A short drive to downtown White Plains, means the nightlife is nearby (either by train to NY or by car to White Plains.)

The Cost of Living:

The price range of this current phase runs from $352,000 for an 880 sq.ft. 1 BR unit to $1,180,000 for a 2 BR unit with a large wood paneled library with over 2550 sq.ft. Estimated common charges and taxes are about $730.84 for the 880 sq. ft. unit to $2176.17 for the 2 BR with library unit. This is of course without STAR and before tax deductions. All in all, a very competitive condominium complex for an area like Garth Road. A rough and dirty calculation of the $352,000 unit which includes STAR and tax deductions and assumes a 6% 30 year loan, results in a monthly cost of around $1550 a month which is highly competative with rental units of similar size.

Pet –Friendly Status:

There are no pet restrictions – dogs are welcome!