J. Philip's Westchester Real Estate Blog: New York: Port Chester

Two parcel of land, one on the Byram River and another on Willett Avenue in Port Chester are being developed for a combined 183 apartments. According to the Journal News, The Mariner will be a 100-unit complex on the river and the castle will be an 83 unit project with street level retail units. Demolition has already begun on one of the sites. 

Port Chester is near and dear to my heart; my father worked there for many years and I have sold there. It is a terrific village in the town of Rye with a lively downtown with great food and shopping, all a stone's throw from Greenwich, Connecticut. The article touches on the question of whether or not the units would be condos or rentals, but the developer, Phoenix Capital Partners, appears to be leaning toward rentals. Luxury condos have had their problems in the area, and the rental market may be healthier. 

I concur. Port Chester does have plenty of condos already, and one of them, The Landmark in the old Lifesaver Building, just had to pay a mint to handle problems with an old management company and to fix a faulty parking garage, which had residents parking on the street. A new project won't have those problems, but the real story here is development. This is a housing start, and a big one. That is a big win. This project will put people to work and put more affordable housing in Westchester County. It will also add tax revenue to the village of Port Chester, and the domino effect of progress will be underway. I hope more developers get into the act. 

We have just closed on 155 North Regent Street in Port Chester, and to celebrate that closing I'll post a rundown of the real estate market in that distinguished village. Port Chester has a warm place in my heart. It was where "the office" was where my father worked when I was a child. Whenever I think of Port Chester, I think of my Dad, young and healthy. 

Port Chester borders Greenwich, Connecticut on the Byram River. It has a very vibrant, charming downtown, and plenty of pre-war architecture. 

It has some fantastic dining, including the Willett House, which I have posted on before. One notable landmark of the village is the "Lifesaver Building," a condominium which was the actual home of Lifesavers candy when I was a kid. 

On to the data:

There are 94 single family homes available for sale in the Post Chester school district. The median price for a single family home is $485,000. 4 others are pending sale, and 26 homes have sold in the past 6 months for a median price of $422,500. In the corresponding period (9/24/08 through 3/23/09) there were 23 sales for a median price of $440,000. Transaction totals are up a tick, and median price is down 4%- not terribly bad in light of the economy. 

With 94 single family units to choose from, Port Chester offers plenty of possibility. And good food.