White Plains, NY

Following the stock market crash of 2008, home prices in White Plains finally took a hit. This market had remained remarkably sturdy up to the fourth quarter of 2008. The correction has been an abrupt one. The third quarter market reports reflect a market that is experiencing a major correction. The declines are steady but not alarming. This is the first time that White Plains has have every single factor in buyer’s market territory.

White Plains Cooperatives:

The average price of a cooperative in White Plains has decreased to $181,000 – down $36,000 or near 17% from Q3 of 2008. Sales volume was also down 38.5%. Although sales picked up over the summer months inventories remain in excess of 12 months. This is an excellent buying opportunity and sellers need to be realistic when pricing their homes.

White Plains Condominiums:

Condos have seen a sharp decline in prices. This is to be expected because during the boom a large number of condos were built creating a “natural” glut. Sales prices are down 16.1% over the previous year to $463,000 – down $89,000 over the previous year. Sales volume was down 20% over the previous year. Once again – this is a buyer’s market and sellers need to price their units to sell.

White Plains Single Family Homes:

Single family homes fared slightly better – at least at the starter level. Homes in the move-up range were another story. WIth jumbo loans hard to get and with a large pool of would-be move up buyers dealing with a depreciating values in the homes they are in – this is to be expected. There is a glimmer of hope for entry level single family homes – but the rest of the market is languishing. Prices are down 13.3% or $85,000 off the Q3 2008 average.

Further Reading:

Housing and Market Statistics for White Plains NY – Second Quarter 2009

White Plains NY – Housing and Market Statistics for First Quarter 2009

White Plains NY – Housing and Market Statistics for Fourth Quarter 2008:

White Plains NY – Housing & Market Statistics for 3rd Quarter 2008

© 2009 Ruthmarie G. Hicks, all rights reserved. Original Post from http://thewestchesterview.com

White Plains NY Housing Market Statistics – Third Quarter 2009

Jerome Gentolia, Chief Operating Officer of Oxford Group Services, is in talks with Vehicle Reclamation Services of Maryland, LLC (VRS) concerning their state-of-the-art vehicle reclamation/disassembly operations project.

In the USA alone there are over 18 million vehicles a year that reach the end of their useful life (EOLVs) or are to be scrapped at the traditional, open-air junk yards/shredders. These numbers will increase in 2009 from the impact of the Cash-for-Clunkers U.S. government program and are estimated to increase to over 20 million for 2010. VRS provides an indoor, environmentally friendly system that reclaims significantly more(99.5%) of the reusable constituent parts, materials and products than the traditional junk yard (40% to 60%)would and provides efficient removal of scrap metals, plastics, glass, rubber and other products to be sold in commodity lot sizes so that they can be recycled into new products by others. VRS will process a high volume of vehicles on the semi-automated disassembly line. This is based on a proven Dutch-manufactured system that can be built on a relatively small site.

Starting with one facility, VRS plans to acquire large numbers of EOLVs or scrap vehicles, disassemble the reusable parts to reclaim them for refurbishment or resale and process the remaining uncross-contaminated scrap. One center at full operation has the potential of providing scrap metal that would come from hundreds of junkyards, making it much more convenient and cost-effective for the purchaser. This one-stop shop also reclaims a much higher percentage of the vehicle's parts for resale than the traditional junkyard. They have already begun discussions with several companies to acquire EOLVs and scrap vehicles as well as for purchase agreements for the reclaimed materials and parts. Initial studies conservatively estimates that the United States alone could support more than 100 centers.

VRS has an experienced management team led by the founder, Mr. Gary R. Sander. They have already assembled several people with exceptional expertise in their respective fields. Mr. Sander has been involved in the manufacturing, construction, steel and chemical industries and his team has experience ranging from automotive and plastics industries to plant management and environmental engineering.

Jerome Gentolia has been keeping a close eye on the project as it has many of the qualities that Unilion Oxford Group is looking for in new projects. It uses state-of-the-art technology that also has a proven track record. It is economically viable and also environmentally friendly. Lastly, it will be generating income within 12 months.

Jerome Gentolia is the Chief Operating Officer of Oxford Group Services and also the Senior Vice President of Unilion Development Group, a private equity firm. He can be reached at jgentolia@uhl-unilion.com.

The White Plains housing market finally to its hit when the stock market crashed in late 2008. Until that time, the White Plains market - along with much of lower Westchester had resisted the declines that had occurred in other parts of the country. Prices dropped sharply and as credit markets froze up, sales volume dropped to a trickle by the end of Q4 2008. The winter was long and harsh as sales volume continued to stay low. This was mostly due to the tighter lending standards and a general reluctance to buy for those who actually had the credit to do so.

Buyer interest started to increase at the beginning of the 2nd quarter as lower prices and the stimulus package pulled buyers off the fence. Towards the end of the quarter there were many more contracts and pendings. The question in early June was whether or not the banks would actually fund all of the loans. Fortunately, things started looking up and the market is again moving, although volume is lower than in years past is the order of the day. This can be attributed to tighter lending standards.

Cooperatives:

Coops actually showed a price increase over the 2nd quarter of 2008. The 2.7% increase was small - but compared to the decreases seen in the condo and SF home markets, it is an encouraging sign. Coops are the entry level purchase for most first time buyers - which explains the resilience. Sales volume overall is still down 24% over the previous year while inventory is estimated at about 12.5 months. The inventory pressure will keep prices in check, but all in all - the coop market has fared better than the rest of White Plains housing.

Condominiums:

Condominiums have taken a real "hit" in this market. Prices are down over 11% over the previous year while inventories remain very high. Right now there are over 153 condos on the market an absorption rate of about 8 units a month. That's up from the 3-4 units a month we saw at the beginning of the year. Still at the present rate of sales it will take over 18 months to sell off the current inventory. Sales volume is down 46% from Q2 2008 and 60% from Q2 2007. So this represents a serious buyers market.

Single Family Homes:

Single Family home sales have picked up over the last few months. Single Family homes were the first to correct in White Plains as their downward price spiral started before the market crash. Lower prices have driven buyers to make offers although the sales volume remains down 15% from the previous year. Prices are off 11.3% from last year, but there are signs that the excess inventory is easing. It will take about 11 months to absorb the present inventory. This is a buyer's market, but not a fire sale. Buyers should be aware of the fact that they can get a good deal, but pushing the envelope too far will cost them. Its a market that is moving once again.

Additional Reading:

White Plains NY - Housing and Market Statistics for First Quarter 2009.

White Plains NY - Housing and Market Statistics for Fourth Quarter 2008:

Housing and Market Statistics for White Plains NY – Second Quarter 2009

© 2009 Ruthmarie Garcia Hicks http://thewestchesterview.com. All rights reserved