Developers have reared their heads in full force throughout the county as the housing market strengthens. You may have noticed some recent developments in downtown New Rochelle, along the Saw Mill Parkway in Dobbs Ferry, and talks of a 40 million dollar development in Peekskill. Supply and demand creates this necessity for commercial and residential units in Westchester, there are many purchasers and renters who desire the New York City suburb, but there is not enough inventory on the market to choose from, this has caused the rent rates along with the housing prices to increase in every sector, co-op, condo, single family, and multi family.
There has also been a huge migration from New York City into the suburbs as many residents have hit the threshold for cost of living. It’s and especially good time to be a seller or landlord in Westchester County, with reports of luxury studios being rented for NYC prices in a small new development called The Avenue located directly across from the Crestwood Train Station in Tuckahoe, NY. Hopefully for the sake of purchasers and those looking to rent in the area the builders can keep pace with this demand and will counter-balance the supply issue.