Wednesday, 21 November 2012

Westchester real estate survey: Buy but don't build

Westchester County's real estate market will continue to appeal to investors in 2013. But the county's attractiveness as a place for new construction and development? Not so much.

That was the sentiment among respondents to an annual national survey, "Emerging Trends in Real Estate 2013," conducted by the accounting giant PricewaterhouseCoopers and the industry group Urban Land Institute.

In a combination of 900 surveys and interviews, the report assesses the upcoming investment and construction potential for 51 major U.S. markets. Each locale was rated on a scale of one ("abysmal") to nine ("excellent"), according to survey co-chairman Mitch Roschelle, a real estate expert with PricewaterhouseCoopers.

Westchester scored 5.59 as a prospect for real estate investments, which is "very strong" and reflects well on the county, Roschelle said.

"I think it's healthy and it's going to get healthier," Roschelle said.

But when it comes to new construction, the Westchester County picture is described as "fair" at best. Land is scarce and municipalities can be tough to deal with. Faced with a build-or-buy choice in the county, "It's easier to buy something existing than build something from scratch in an area with a complicated zoning and permitting process," Roschelle said.


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