Demand Surges for Luxury, New Development Condos in Westchester
Updated: Apr 27, 2022
Known for its natural beauty, stately homes, and top schools, Westchester County is home to some of the most sought-after residential towns of New York, including Yonkers, Bronxville, White Plains, and New Rochelle. Offering a convenient commute to and from Manhattan, the county epitomizes suburban appeal and convenience.
While the overall Westchester real estate market has remained solid, condominiums are seeing high demand. According to recent reports, condominiums and townhomes sold in the county in January saw a median sales price of $427,500, representing a 9.6% increase from that same time last year. The total number of condominiums sold also rose 5.4% in that same timeframe.
Among the new projects receiving high attention is The Monarch at Ridge Hill. Located in Yonkers, the development sold 14 units in less than a year, in addition to a recent $22 million bulk sale of 58 apartments.
The sale was overseen by Gus Perry, Eric Agosto, and Shebrelle Hunter-Greene of Brown Harris Stevens' Team Perry.
We had to turn down 12 deals in the month of January as the bulk sale was already in the works. The demand became overwhelming. We believe that the demand for luxury new-development condos in lower Westchester is huge. As long as it a good product with modern amenities, it will sell at profitable numbers." — Gus Perry
Located in Yonkers, the building features condominiums with sleek, contemporary designs and state-of-the-art appliances. Residents have access to a three-story, state-of-the-art amenity center with a multi-level fitness center, spa, running track, and indoor basketball courts. Additional amenities include 24-hour concierge and an indoor pool.
The bulk sale underscores the continued appeal of the Westchester market, with new condominiums being built to meet growing demand. Many of the buyers, Perry noted, were former residents of Upper Manhattan and the Bronx looking for exceptional value and an improved quality of life.