Cappelli's Westchester Projects Buck Sales Trend

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WHITE PLAINS-The Westchester residential sales market has slowed quite a bit of late with activity down sharply in the third quarter. Bucking the down market is Louis Cappelli’s high-rise condominium ventures here and in New Rochelle. The Valhalla-based developer characterized sales activity at his Westchester projects as “phenomenally strong.”

Cappelli, a principal of Cappelli Enterprises, reports that there has been more than $100 million in sales at his firm’s 44-story Residences at the Ritz-Carlton, Westchester development in Downtown White Plains since the sales office for the project opened on Oct. 3.

“Our initial projections were based on a 12-month Phase 1 sellout which would have amounted to $25 million in sales for October. We’ve done four times that which is truly incredible,” Cappelli says. “We were confident that the Ritz-Carlton brand and the unique lifestyle that goes with it would strike a responsive chord with buyers, but what we’re experiencing is amazing.”

Thus far, 35% of the 181 condominium units at the Ritz-Carlton Westchester are now spoken for, more than four times the number projected during the first month of sales, Cappelli officials note. Prices for units at the Ritz-Carlton, Westchester currently range from $750,000 to more than $6 million.

“What’s also impressive is that we have been able to accomplish this without offering buyer incentives of any kind. In fact, we have had two price increases already,” Cappelli says.

Trump Plaza, Cappelli’s other high-rise condominium development under construction at the moment is also seeing strong sales activity. To date, 87 residences in the 185-unit 40-story luxury tower in downtown New Rochelle, being built in partnership with New York City real estate investor Donald Trump, have been sold.

“We projected being 30% sold at this point and we’ve already reached 50%. In six months our sales have passed $75 million. This is a tremendous achievement and makes a very positive statement about the value and viability of the rapidly emerging downtown New Rochelle market,” Cappelli says.

The sales activity at Cappelli’s luxury developments does not reflect current home sales conditions in the region at the moment. The Westchester-Putnam Multiple Listing Service recently released its Q3 2006 report, which noted a 17% drop in home sales in Westchester County and a 35.3% decline in Putnam County as compared to a year earlier.

“There may be a slowdown in some locations around the country, but we’re certainly not seeing it in White Plains and New Rochelle,” Cappelli notes. “The well-informed buyers know that interest rates are low and that now is actually a very good time to be buying a home.”