The Real Deal’s Westchester market report is live!

Inside: The county's rental boom, Chinese investment makes waves and more

New York /
Jan.January 04, 2017 03:50 PM
 

After the New York Times dubbed the so-called Westchester river towns “hipsturbia” in a 2013 profile of the area, the county at large caught millennial fever.

In The Real Deal‘s inaugural Westchester Market Report, we explore how the county is no longer a land of just white picket fences and single-family homes. Along with yoga studios and gluten-free bakeries, rental towers are popping up in more dense areas, targeting millennials. By the end of the third quarter of 2016, developers had obtained nearly double the number of multifamily building permits as in each of the previous four years. See our story on the rental boom on page 24.

Many attribute the beginnings of the urbanization of Westchester to prolific developer Louis Cappelli, who has seen both significant successes and failures over his decades-long career in the county. We take a look at his many projects and his relationship with President-elect Donald Trump on page 34. For more on Trump’s dealings in the county, see page 16.

With the increased density driven by developers like Cappelli comes more commercial development. On page 50 we look at the proliferation of hotels in the southern part of Westchester, and on pages 18 and 48, respectively, we examine how the changing population is driving a newfound focus on dining, as well as innovations in retail. The talented workforce the county now draws is also a boon for the office market, as evidenced in a biotech boom hitting parts of Westchester — see page 20. Chinese investment in the area is also making waves — see page 12.

But the more things change … the more bids are put in for each Westchester home that hits the market. Read about the increasingly heated bidding wars in the River towns on page 32, and the fight for market share between “upstart” residential brokerages and their stalwart brethren on page 38.

We also looked at the market in neighboring Fairfield County, where price cuts at the top of the market are the name of the game amid a lagging luxury sector — see our story and ranking of Greenwich’s steepest listings chops on page 10. The pain isn’t only for the “little people,” though — see page 54 for the boldface business tycoons who have had to reduce sale prices to move their mansions.

Enjoy the issue!


Related Articles

arrow_forward_ios
Annual contract activity comparisons are starting to look normal again
Residential market picks up in Brooklyn and Manhattan, sinks in suburbs
Residential market picks up in Brooklyn and Manhattan, sinks in suburbs
Prices for the few homes in Fairfield are still going up (iStock)
Few listings, sustained demand keeps Fairfield home prices near record highs
Few listings, sustained demand keeps Fairfield home prices near record highs
Compass real estate agent Mark Pruner, Compass Senior Managing Director Elizabeth Ann Stribling-Kivlan (Compass, iStock)
Greenwich home sales set to blow past 2020 record
Greenwich home sales set to blow past 2020 record
Greg Fowler bought 10 Clapboard Road, CT and Amir Ben-Yohanan bought 150 and 154 Belmont Ave. in Jersey City (FPAMF, Realtor, West of Hudson Properties, Google Maps)
Multifamily assets sell for $41M in Fairfield County, $21M in Jersey City
Multifamily assets sell for $41M in Fairfield County, $21M in Jersey City
(Unsplash / Andre Benz)
New listings rise in Manhattan and Brooklyn, but fail to meet fierce demand
New listings rise in Manhattan and Brooklyn, but fail to meet fierce demand
The office space at 99 Church Street  (Google Maps)
Berkeley College selling two downtown White Plains buildings
Berkeley College selling two downtown White Plains buildings
eXp CEO Glenn Sanford and Corofy CEO Eddy Boccara (eXp, Corofy, iStock)
Some like it hot: Influx of agents into Hudson Valley accelerates in September
Some like it hot: Influx of agents into Hudson Valley accelerates in September
Trump Plaza New Rochelle at 175 Huguenot Street and Donald Trump (Getty, Anthony22/Wikimedia)
Trump Plaza New Rochelle dumps Trump Org as property manager
Trump Plaza New Rochelle dumps Trump Org as property manager
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...