Ruthmarie Hicks

It seems as though I am spending a great deal of time blogging about those who have passed. Marc Pollitzer may not have been Tim Russert, but in White Plains hew was a champion of open space and advocate for responsible development. At the end of the day, politics is local and Marc Pollitzer exemplified the heart and soul of the grass-roots activist. When I heard of his death on May 29th, I felt as though someone had punched me in the stomach. He was at every meeting month after month. I would see him on cable T.V. very calm, forthright and genuine. Although I have been known to frequent city council meetings, I generally prefer to watch them on cable from the comfort of my home - rather than venture out. But - then I knew that Marc would be there to speak for us all. He often took a lot of flack for his views. What he did took iron will, stamina and dedication. At 61, he left us all too soon. To learn more about this remarkable resident of White Plains, go to the article by Rock Stamberg in the White Plains Times.

Since 2006, I287 has been undergoing some massive improvements - Ok the term is relative, but I'm in a charitable mood today. For those who don't know, it is the primary East/West corridor in lower Westchester. Right now the bulk of the work is happening in White Plains around the heavily trafficed downtown area. Exits 6, 7, and 8 are being impacted.

But there is a site that can help you anticipate delays. Roadway 287 Improvements offers a “travel advisory” link which is updated with regularly. The site also includes interactive maps and the like which help create a “vision” for what this mess will look like once completed. Much of the work is being done at night – so if you are traveling in the evening and counting on an easy ride home – you might want to check this site before leaving.,

Here are some sales stats that I took from the MLS for White Plains. I included the first five months of the year and compared pricing to last year’s numbers.

Prices were either flat or slightly higher than the year before.
The average price of a coop was ~ $214,000, up 5.3% over the same period in 2007
The average price of a condo was ~$482,000 up 11.6% over last year
The average price of a single family home was ~$744,500 flat over last year (less than 1%.)

The inventory shows that buyers are gaining the upper hand with six months or more of inventory on the market in all sectors with single family homes showing the highest inventory of all and the smallest volume of sales over the first five months of the year. Sales volume is down, but the inventory has not soared in response, revealing that sellers are not desperate. Volume is down considerably over last year, which is also good for buyers.

This is a market where buyers have an advantage that they haven’t had in a long time. I would note that this is not what one blogger called a “fire sale.” It is a market where a win-win transactions take place and no one feels robbed.

The market in White Plains has shown remarkable resilience throughout the housing slump. I see a lot of buyers sitting on the fence waiting to “steal” a house. The response on the part of sellers who have received a series of low-ball offers has been to simply yank the property off the market. I’m telling buyers that they need to have a long –term outlook and if they are looking to make a killing, to stop trying to do so. You can’t time markets in that way and there may well be no killing to make. White Plains is a resilient market for many reasons, the main one being that it offers what many people want.: Lower taxes relative to the rest of Westchester, an easy commute to Manhattan, easy access to shopping, entertainment and fine dining. When many people want the same thing, it is unlikely that the deal of the century is in the offing. Work with the market and remember that interest rates are near all time lows.

It’s easy to underestimate what higher interest rates do to affordability because everyone’s eye is always focused on the sticker price However on a hypothetical purchase of a $400,000 with a 20% down payment, a 1% increase in mortgage rates would be like adding over $31,000 to the cost of the home as far as monthly payments are concerned. Since traditionally interest rates have hovered closer to 7-7.5% a 1-1.5% hike in interest rates is not an unlikely scenario.

Recently, I have been taking more general photos of the White Plains downtown area. I'm often surprised at the clash of architectural styles. I guess part of my surprise is the way in which the clashing styles actually work together. When you see an Art Nouveau building standing directly next to mirrored glass and steel, the effect can be jarring. Here on some shots of the “old” and “new” that I had previously discarded. They are all within about a block to block and a half between each other...

4. Almost directly across from the City Center/Trump complex sits White Plains City Hall which in turn is sandwiched between One North Brodaway(a modern retail and office complex) the Ritz Carlton and Grace Church.

Recently, I wrote a series of blogs about Sleepy Hollow. One was about the Sleepy Hollow portion of the River Walk, which is a very ambitious plan to create a long linear park where one could literally walk along the Hudson River from the Putnam County border all the way to the border of the Bronx. I had several photos of the River Walk from Sleepy Hollow from Ichabod’s Landing - which is a work in progress that has stalled because of the controversy surrounding the development at Lighthouse Landing.

The River Walk is magnificent. Even though it was a very hot day, the breeze along the river gave the feeling of coolness and comfort not found in other parts of Westchester. Views include the Hudson River, the Tappan Zee Bridge (which you are practically sitting on) the Kingsland Point Lighthouse, and the Tarrytown Marina. It's quite a setting.

Like Ichabod’s Landing, Ferry Landing will be an ideal location for Manhattan commuters. It is within walking distance of the train station. The trains run regularly and it is a mere 35- 40 minute ride into NYC . Tarrytown has a lot of the best that Manhattan has to offer including fine dining, art galleries, and entertainment, along with more elbow room for the price and a quiet atmosphere with spectacular views. The community is very compact and walkable distinguishing it from many suburban communities where you have to get in your car to do just about anything. Many Manhattanites who are struggling with tiny coops, and the skyrocketing prices of Manhattan would do well to consider locations such as Tarrytown and Sleepy Hollow where they could be much more comfortable in an area that is far more affordable. Furthermore, commuting to and from Manhattan by Metro-North is nothing like commuting by subway. It's a comfortable ride that most find restful or/and productive. And of considerable importance to my niche market, the area is VERY pet friendly. You can see dogs being walked everywhere and enjoying outdoor dining with their families on Main Street.

At this time I also consider areas like this to be a wise investment. Communities that have easy access to public transportation into Manhattan are going to do very well in the world of exploding oil and gasoline prices. The overall optimism of builders in the area is a reflection of this fact. It’s also of interest to note that these ongoing projects are all in communities where there is easy access to public transportation to Manhattan. Real estate has always been location, location, LOCATION and Tarrytown has all three!