Condos Everywhere, Anywhere

By John B. Turiano

With empty nesters looking to down size and New York City professionals looking for a less pricey alternative to Manhattan, it should come as no surprise that condo developments are popping up in many towns. The median sale price for a Westchester condominium increased by $15,000 or 4 percent, to $390,000 in the last quarter of 2007, a higher percentage than coops (2.7 percent), single-family homes (just under .7 percent), and multi-family homes (-2.4 percent).

The demand may be there. But, we ask, why are developers building condos in well, horrid, locations.

Take 543 Main Street in New Rochelle (543mainstreet.com) where 1 BR units range between $285,000 (for 672 square feet) and the mid $300Ks (725 to 780 square feet), and 2 BR go in the mid to high $400Ks. The six-story, 90-unit complex was built in the space that once housed catalog and online retailer Lillian Vernon’s offices. It fronts New Rochelle’s’ busy Main Street. All that separates the building from the traffic is a sidewalk—no front yard, no great lawn, no long driveway—nope, just one busy street. (The bottom floor is reserved for retail, though no one has rented any retail space yet.)

Then there’s the issue of parking. Residents must pay an extra fee to park their car ($12,500 for an uncovered space; $17,000 for covered)--or get a permit which allows them to park at the municipal lot a block away.

According to Beth Acocella, an associate broker at Coldwell Banker in Larchmont, one appeal of 543 Main for buyers is the walk to the train, a mere three minutes. It certainly isn’t its neighbors: The Curtain Shop to the left and the New Rochelle Prescription Center to the right. Not exactly hipster central.

Then there’s Gateway in White Plains (gatewaywhiteplains.com), completed in June 2007. The smallest of its 30 units (1,200 square feet) sell for $599,000 and the largest (2,022 square feet) for $899,000. The building may have a gym and sauna, a party room, a rooftop common area, indoor parking, but, come on, it sits on strip-mall heavy-trafficked Central Avenue. What’s with that?

And the immediate surrounds aren’t going to get any better: a three-story office building is going up next door.

While we’re at it, let’s take a look at tony, upscale Scarsdale. Yes, Scarsdale. You can buy a 1,000-square-foot unit for $800,000 or a 2,945-square-foot unit for $2 million at Christie Place (www.gdc-homes.com), but be prepared to live right by the off ramp of the Bronx River Parkway. Quaint, no?

“It’s all about access,” says Bill Madden, a spokesperson for Ginsburg Development. “People want proximity to shops, highways, and the train.” Well, the Scarsdale Metro-North is down a block and across the street. And come to think of it, so is Zachys Wine & Liquor—for those times when the noise from the crowds and cars get on your nerves.