Are you ready for sustainable condominium living in the heart of Downtown Ithaca? Ithaka Terraces is now accepting inquiries for our project located at 215 West Spencer Street.
$329k - $434k
Residential Neighborhood, Urban Amenities
Ithaka Terraces is located at 215 West Spencer St. Ithaca, NY. Conveniently positioned at the edge of Ithaca’s “flats”, the Ithaka Terraces are nestled in a quiet residential neighborhood, but are also just a hop, skip, and a jump from all of the great amenities Ithaca has to offer. Within a half mile, or approximately 10 minute walk, there are:
- Six Cafes
- Several Restaurants
- Many Boutique and Practical Shops
- An Independent Movie Theatre
- 4 Playgrounds
- A Bike Boulevard Network
- A Live Performance Theatre
- The County Library
- Pharmacies and Convenience Stores
- Bars and Pubs
- The Six Mile Creek Riverwalk
- Bus Service to Cornell and Ithaca College
A short bike ride gains access to:
- Green Star Co-Op Market
- The Route 13 Commercial District
- The East Hill Rec Way
- The Cayuga Waterfront Trail
- Wegman's & Tops Market
- Many More Restaurants, Cafes, and Bars
Investing in Ithaca
Investing in a home in Ithaca, NY has been a consistently wise choice over the last decade. As a college town with close ties to growing Cornell University, the Ithaca housing market has produced predictable returns and weathered the storm of the international housing crisis very well. In addition to the stabilizing factor of Cornell’s large presence as an employer and destination, the City of Ithaca’s small town charm and urban amenities are well-positioned for the future of the housing market. In the coming decades demographers predict that the demand for condos, small homes, and apartments in walkable locations will grow steadily while demand for large lot single family homes will decline.
Ithaca’s walkable network of streets and dense vibrant neighborhoods make it a prime location for the two largest growth segments in households: millennials and downsizing baby-boomers, both of which are seeking out urban lifestyles where cars are an option for daily needs rather than a necessity. While there has not been significant condo development in Ithaca to date, there is a significant demand within the community and local government. The existing market in the city includes two properties that are conversions of historic schools. It is rare for units in either of these buildings to come on the market, but when they do they tend to sell quickly. One recent development – the renovation and condo conversion of a building in Ithaca’s west end, leased up quickly. Units in this development sold between $325,000 for a 1,065 sq. ft. 2-bedroom 2-bath unit, to over $500,000 for the largest 2,800 sq. ft. unit. While this development has some water views, they do not have excellent proximity to downtown, or transit accessibility that many customers are seeking.
A Sustainable Hillside Community
As a small city of approximately 30,000 people Ithaca has been widely recognized as a great place to live, work and play. In 2013, Venture Beat rated Ithaca the Smartest City in the USA and the A.I.E.R dubbed Ithaca the “Best College Town” in the country. Ithaca is home to internationally renowned ivy league Cornell University as well as Ithaca College which is consistently ranked one of the top 10 Masters universities in the North according to US News and World Report. It is no surprise that students in the Ithaca City School District, consistently perform well above average, in the top 30% in New York State.