The Reel

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A blog for breaking sales and neighborhood real estate news.

In 2014, 143 properties sold in the Westchester County property sales market, equaling 2013’s output. In the fourth quarter of this year, 37 properties were sold, down from 41 sold in 4Q13. The aggregate sales consideration in 2014 was $497M, down 23% from 2013, with $194M sold in 4Q14. Price per square foot across core property types averaged $227 on the year, a slight increase from 2013, with the fourth quarter averaging $180. Cap rates fell 70 bps on the year, to 7.1%.

The Westchester investment sales market has mirrored larger regional trends in the last five years, with transactional and pricing metrics showing gradual but stable growth over that time frame, as economic conditions have gradually improved, both locally and nationally. Unemployment in the county fell from 6.0% at the beginning of 2014 to 4.6% at the end of the year. U.S. GDP growth was strong over the majority of the year, and coupled with accelerating employment growth has boosted private consumption, leading to increased retail demand. Amid this growth, certain geopolitical uncertainty overseas, and the availability of investment grade product with an attractive risk/return profile, New York City has solidified itself as a prime target for property investment in the U.S. As a neighboring market, Westchester County benefits from the overflow of that demand, especially in the office sector as firms seeking to cut costs or move into more efficient space find availability north of the five boroughs.

Neighborhoods: Westchester County