By Melissa Colabella
A former post I wrote entitled, “The Best Secret Neighborhoods in Westchester” generated a lot of interest from buyers from out of the area but also with buyers seeking intel on the next up and coming neighborhoods in search of a deal, however “not well known” doesn’t necessarily translate into “value”.
Gentrification, both the scourge and the savior of low-income areas throughout the nation’s most desired areas is easy to spot. This is not an article supporting or debating the controversial topic of the displacement of low income individuals or conforming racial opinion. This is an article about market trends forecasting which neighborhoods in Westchester I anticipate will be wildly popular (and unaffordable) in just a few years. For example, Tarrytown 5 years ago.
Realtors see when once less popular areas begin to sell off in all cash bidding wars before the businesses downtown get a chance to consider renewing their commercial lease option. We know what developers are planning before the plan gets approved (or not) by the town.
The Wall Street Journal, 1/29/15
Port Chester:
In 2015, the Wall Street Journal wrote, “For decades marginalized as the downscale neighbor of Greenwich, Conn., and Rye, N.Y., Port Chester in Westchester County has begun to capitalize on its grittier image. Several new luxury developments and the arrival of a number of swanky new restaurants and bars are helping Port Chester attract young professionals from New York City as well as area baby boomers looking to downsize.” WSJ was right.
To read the full article:
More Development Immigrates To Port Chester – The Wall Street Journal
Yet despite all of the new luxury development, single family home sales are still lower than other town with similar demographics. Buyers who shop based on school rankings often overlook Port Chester which has resulted in a winning real estate situation for the open minded. Did you know that both the Port Chester Middle School and the John F. Kennedy Magnet School have been named National Blue Ribbon Schools of Excellence? And that the high school offers the prestigious International Baccalaureate Diploma in addition to Advanced Placement courses? The village offers free pre-school and a bilingual immersion program. If you’re a soccer fan, there are both child and adult leagues available on a turf field restored by a $1M+ federal grant.
We know that the Capitol Theatre and trendy restaurants, while encouraging, aren’t enough to define a real estate market but location is. Port Chester is conveniently zoned in a way that many of the neighborhoods are walking distance to Metro North, which is rare for many Westchester towns. Buyers seeking walkability outpriced in other towns with similar zoning have begun to convert multi family homes into single family homes walking distance to both the train and downtown.
Those not familiar with the town are often surprised to hear that single family home prices can range from $350,000 to $6,999,0000 (it is on the shore after all), yet the median sales price is $410,000 (as of the close of December 2016).
Read also:
Port Chester Wants to Grow But Exactly How is the Question?, Lisa Prevost, New York Times
Ossining Farmer’s Market – The Patch
Ossining:
Located on the opposite side of the county relative to Port Chester, you’ll get a lower key, less metropolitan vibe in this neck of the woods. The river towns have been on an upswing for years. Irvington has always been known for its carefully preserved 19th century architecture and the historic home of Washington Irving, where the town earns its eponymous name. The median sale price in Irvington as of December 2016 is $1,288,700. Surrounding towns which were once the home of blue collar workers have become unaffordable to the blue collar income. The once sleepy town of Hastings has as reputation that attracts Brooklynites and buyers are now scrambling to find a place anywhere along the Hudson river but unfortunately there is limited inventory. Up until now, we weren’t seeing Ossining follow the same trend.
Then this fall I participated in multiple bidding wars in Ossining in the mid range price points resulting from buyers priced out of the southern river towns. Ossining’s retail landscape leaves room for improvement but is also a prime location for someone looking to own a gastropub or restaurant following the farm to table trend. There aren’t any big box stores nearby but that is an alluring characteristic to the buyer who is looking for the juxtaposition of White Plains.
Ossining, the rivertown north of Tarrytown, which has a vibrant downtown, features an eclectic assemblage of homes, industrial spaces, coffee shops, mom-and-pop stores and nature preserves and it’s still only a 42 minute commute to Grand Central. The median sale price, as of December 2016, is $400,000 and one can find an affordable rivertown Victorian or Salt box style home fairly easily. Single family homes range from $300,000 to $2,500,000 (it’s on the river after all).
Unlike Port Chester, where retail came first and then residential followed, Ossining is still ripe for commercial opportunity. Yes, the village is home to Sing Sing prison, but residents seem to worry more about traffic on Route 9. Fun fact – Ossining is where famed Mad Men character Don Draper had his home and also the home of Riverkeeper, an organization that actively seeks volunteers at the Ossining farmers market.