Larchmont NY PO – Median Sales Prices:

The big bad bear market has actually been very kind to Larchmont Village and the Larchmont PO. While other areas of Westcehster NY are still in the doldrums, Larchmont homes have been selling at a fairly brisk pace and prices have increased. This first chart shows the pricing before the crash and following.  The red bars are the years prior to the crash of 2008 and the green bars are the years following the crash.   In 2006 the median sales price was $998k and that peaked in 2008 to $1.125 million.  in 2009 that number came crashing down to $905k and has risen steadily to nearly $1.1 million this year.  This has been a strong come-back.

Although the market in the area has recovered quite briskly, the pace of recovery has varied somewhat between smaller and larger homes.  This chart contrasts the differences between 3 and 4 BR homes. In general, with a few caveats, the homes under 2000 sf with fewer bedrooms have recouped less ground than their larger counterparts.

Larchmont NY PO – Home Sales Volume:

The sales volume before the crash  went from 94 sales in 2007 to 72 in 2008.  Once the crash of 2008 happened sales dropped to 51 for 2009 but recovered in 2010 when it went back to 95 sales.  2011, although slightly lower in volume, was noted for its competitive sales.

©2012RuthmarieG.HicksAll Rights Reserved.

Although Garth road bears the ever popular Scarsdale PO, the coops on Garth Road are located in the municipality of Eastchester.  But for all practical purposes, the location is is just like living in the Village of Scarsdale.  Just 30 minutes from Grand Central Station – the location is ideal for commuters.  For most residents, the train is less than a 10 minute stroll away.  The village of Scarsdale is equally convenient. Leaving the car behind is easy in such a prime location – easier in fact than for many people who actually reside in the town of Scarsdale.

Like most cooperatives, the bulk of these complexes -particularly those close to the train and town are prewar buildings with a great deal of character.

The complexes of Garth Road Scarsdale:

• The Northgate – 105 Garth Road
• Eton Lodge  - 117 Garth Road
• Eton Hall – 127 Garth Road
• The Kenilworth – 142 Garth Road
• Colchester Hall – 143 Garth Road
• The Craigswald – 187 Garth Road
• Scarsdale Manor – 174-198 Garth Road
• The Thornycroft – 209 Garth Road
• Garth Essex – 230 -260 Garth Road
• Garth Woods – 235 Garth Road
• The Buckingham – 253 Garth Road
• Garth Manor – 281 Garth Road

General Sales History and Pricing on Garth Road:

Cooperative complexes across the county have undergone a major market correction over the past few years.

The charts below show an overall decline of  of roughly 20% for both 1 BR and 2 BR units over the past six years. Median prices for 1 BR units have fallen from $214,000 to $171,000 since 2006.  For 2 BR units the price drop has been from a median sales price of  $344,000 in 2006 to $273,000 in 2011.  Although sales volume is well off from the peak of the market, it is healthier than some other areas and the decline has leveled off – and at these prices, it is likely that demand will increase significantly in 2012.  Certainly it is far cheaper to purchase a cooperative than it is to rent anything comparable.  So this will drive buyers into the market in the near future.

Right now,  buyers should consider these complexes to be “on sale” and be ready to take advantage of what this market has to offer.  Waiting for the 35-40% off sale that may never happen, may prevent you from taking advantage of the 20% off sale.  Sellers need to be realistic.  It is no longer 2005-2006 and it could be a long time before we see those prices again.

© 2011 – Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

The Stonecrest – 21 North Chatsworth Ave – Larchmont NY:

The Stonecrest, located at 21 North Chatsworth Ave Larchmont  is a luxury cooperative in a doorman building – located roughly two blocks from the train station.  The stately Pre-War Tudor complex boasts  one of the finest locations in the area.   The Roughly two blocks from the train station and a similar distance to shopping and fine dining,  I am hard pressed to think of a more convenient loation.  The address has a walk score of 92 out of 100 making it a walker’s paradise.

The units  have high cove ceilings and spacious layouts. Most get a great deal of natural sunlight.  Parquet hard-wood floors are also a marvelous benefit of living in an older complex. An interesting bit of trivia: Lou Gehrig and his wife called the Stonecrest his home until 1940.

Recent Sales History at the Stonecrest:

The following charts below show the pricing history from 2005-2011.  The sales volume in the complex is fairly low so statistically significant numbers are difficult to come by.   I’m using 1 BR units for the statistics that are roughly 750 sf or larger for the charts because they have had far more consistent sales over the years.

The charts below show the depreciation in 1 BR units that have occurred since 2006.  Peak years are in red,  The initial drop in prices occurred in 2007 when the housing peak slowed down.  Prices went down about 18% from roughly $322,000 to $264,000.  Prices  reached an equilibrium that lasted almost four years to the end of the tax credit.  Those years are depicted in green.  When the tax credit ended, the market for coops generally ground to nearly a halt.  When sales picked up again, the knife finally fell on values. This final drop appears to be about 33% with the current year (in blue) at a median price of $175k.

For 2 BR units it is less clear because there are gaps where no sales occurred and there are several years in which unusually large units were the only units sold.  The pattern was difficult to work with and not statistically significant so there is no chart.  For “average” 2 BR unit from 1100-1200 sf the price drop also took place in two bites.  There was an initial 12% drop from about $384,000 to $335,000. Now the median price for that size unit is about $257,000 for about a 23% drop.  The numbers here are smaller, so reading too much into these numbers would not be wise.  A great deal has to do with layout and overall condition.

In general, the major fall in prices occurred somewhat later than in surrounding areas.  This reflects the allover  sturdiness of this market.   The area is sought after and the result is that it is one of the last areas to take  a big fall.  It stands to reason that it will be one of the first to recover.  At this point, although the decline looks absolutely sickening, it represents a terrific buying opportunity.   Buyers should be grabbing onto these bargains with both arms if they have the means to buy at this time.

For the latest updates on sales and listings at the Stonecrest:

Feel free to contact  me -

by phone at  (914-374-5529)

by email at Ruthmarie.Hicks@gmail.com

For more information about the Stonecrest go to my web page – The Stoncrest.

]]> http://thewestchesterview.com/2011/12/03/market-update-the-stonecrest-21-n-chatsworth-ave-larchmont-ny/feed/ 0 http://thewestchesterview.com/2011/08/20/state-of-the-westchester-real-estate-market-clues-from-the-manhattan-market/ http://thewestchesterview.com/2011/08/20/state-of-the-westchester-real-estate-market-clues-from-the-manhattan-market/#comments Sun, 21 Aug 2011 03:01:48 +0000 Ruthmarie Hicks http://thewestchesterview.com/?p=3425 A few weeks ago, I noticed that my friend from the Manhattan real estate market – Mitchell Hall, had posted some very encouraging data. Manhattan is doing quite well in spite of the doom and gloom coming from the talking heads.  All real estate is local – so what happens nationally has little bearing on individual markets.  New York State  was one of the stronger markets in the country.  The New York metro area posted  3% gain in housing prices overall. The medain price was up 9% over the previous year and up 4% per square foot.  Amazing performance given the state of the rest of the economy.

What does this mean for Westchester NY real estate?  Well, as Manhattan goes – so goes Westchester.  If prices in the city are edging higher eventually that wave hits Westchester as even hard-core Manhattanites consider mass immigration to….gasp…..the SUBURBS!!!!  And Westchester – particularly lower Westchester is the most logical move.

For Manhattanites – Westchester is the location of choice when they make a move. 

About a year ago, I was looking at a “heat map” of human migration across the US.   The map showed areas of the country that  were emptying out  such as the rust belt as well as  areas that were seeing increased populations.   It was neat.   When I clicked on Westchester, I couldn’t see anyone moving in.  At first I thought our county was emptying out at a crazy rate….which made no sense….but then I realized that the map was too small. You couldn’t see the bee-line of immigration from NYC, Brooklyn, Queens and Long Island.  When I increased the size of the map to its maximum – there it was.  The fact is that Westchester is the location of choice  for people leaving NYC.   If Manhattanites were a herd of buffalo – Westchester would be tracking the periodic stampedes as obsessively as we track the weather.

Westchester NY now has the amenities that city dwellers seek – this isn’t your parents suburb.

And why not?  Westchester has changed a lot over 20 years.  It is no longer the series of sleepy villages and towns of yesteryear. Once Manhattanites get over the mind set that Westchester is merely a country bumpkin backwater (which takes just one visit)  the benefits of living here are clear.    Its  costs a whole lot less and you get a lot more space without giving up the fine dining, shopping and entertainment that NYC has to offer.   Upscale restaurants and retail are everywhere and we are catching up in entertainment and the arts.  You don’t need to go to the city for a night out on the town or a first class shopping spree.  That’s all here now.  And if they want the city – its about 30 minutes away.    From some locations the commute to midtown and downtown is as easy or easier than some locations in the city itself and they can enjoy a smooth, easy and productive  20-40 minutes  on metro-north train rather than being crammed like a sardine standing for 30 minutes on a subway.

Soooo a healthy market in Manhattan is a harbinger of a healthy market in Westchester – particularly lower Westchester.  Areas within a 40 minute commute by metro-north are particularly attractive when prices are rising in the city.

© 2011 – Ruthmarie G. Hicks  http://thewestchesterview.com

The Manhattan Skyline from the Yonkers NY Waterfront

Yonkers NY Waterfront - The George Washington Bridge

Yonkers NY Waterfront - People At Play....

© 2011 – Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

But this brought to my feeble mind one of the biggest cliches in real estate. May sound trite, but it is all too true .

“Real estate is location, location, location!”

So when people ask me why Westchester real estate (particularly in lower Westchester)  is so expensive, I will simply point to the picture above that I took with my zoom lens.  This is the commute faced by many in Rockland and Orange counties  – every single day!  Yes, you can get far more house for the money there – but will you be able to enjoy it?  And at what cost in terms of time, gasoline and general commuting expense – not to mention the frustration and fatigue that must confront even the most patient of people doing this on a daily basis.

Why haven’t Westchester  Home Prcies tanked like the rest of the country?

Once again – let’s look at this picture.  That shot was taken on an ordinary Wednesdayafternoon around 4 PM.  It’s a conga line of pure misery and it only gets worse after 5 PM. Given the fact that the single biggest employment hub is Manhattan with a second market in the White Plains corridor – people  living outside of the major mass transit routes  live in chronic state of commuter hell.  The area is surrounded by water creating natural bottlenecks that can’t be easily overcome.

Metro-North offers easy access to Manhattan in about 30 minutes from most points in lower Westchester. Our major arteries can also get you from point A to point B very quickly.

So that is why parts of lower Westchester are actually edging back up in price. That’s why they never lost  the 50% that some first time buyers have been waiting for. Don’t wait for the impossible – if you are a first time buyer you have already won the housing lottery! The question is no longer about whether you will get a good deal – in this market getting a good deal is like fishing in a barrel, its hard to go wrong.   The question is whether you will squander the opportunity in the endless quest for “more”.

©2011 – Ruthmarie  G. Hicks – http://thewestchesterview.com

The Town of Mamaroneck has the zip code 10543.  includes the village of Larchmont and the unincorporated portion of the Mamaroneck township which has a Larchmont post office address and zip code (10538). Larchmont and the Larchmont PO are slightly to the south and will be covered in a separate post.

Cities/Towns Flanking Mamaroneck NY

Location-wise the northern tip of Mamaroneck just misses the southern tip of White Plains.  A little piece of Harrison is sandwiched in-between – but traditionally, Mamaroneck is thought of as being the southern neighbor to White Plains.  Certainly the downtown of White Plains is within an easy drive of any point in Mamaroneck.  The area is also adjacent to New Rochelle on its western flank.  So Mamaroneck has the benefit of being close to two vital city hubs. The northeast flank is bounded by Rye and Harrison.

Mamaroneck to NYC Commute:

Mamaroneck is a stop along the New Haven Line which terminates at Grand Centrals Station.    Roughly – the commute is 38 minutes and here are 12 trains running during peak hours and 1-2 trains an hour running at other times.

Commuting by car:

For a general map of lower Westchester roadways click here.

The Hutchinson River Parkway
The HRP  access is at the northern tip of the Mamaroneck/Larchmont area right along the bored of Scarsdale.  The Hutch offers access to the Whitestone Bridge at its southern end and access to the Merritt Parkway in Connecticut at its northern end.

The HRP merges with I-287 (to points west including the Tappan Zee Bridge and New Jersey) and I-684 (Northern Westchester – Danbury)  in White Plains.   Tow the south – the HRP merges with the Cross County Parkway – giving access to the Saw Mll River, Sprain Brook and Bronx River Parkways.   If you want to drive to Manhattan, you can access the Deegan as well as the Henry Hudson via the Cross County

I-95
There are two entry points to I-95 one going north and southbound near the White Plains border and the other at the southern end of Larchmont going southbound only.

If you take I-95 south through the Bronx you will end up on the Throgs Neck Bridge as well as routes to Manhattan.  Going north I-95 merges with I-287, I-684 to points north and west.

© 2011 – Ruthmarie G. Hicks – http://thewestchesterview.com

Previous Posts in this series:

1. The Metro-North Commute to Lower Westchester
2. The New Haven Line
3. The Harlem Line
4. Commuting By Car

The Three Metro North Train Lines:

Metro-North has three train lines.  The New Haven Line serves the eastern portion of the county along the Long Island Sound – such as New Rochelle and Larchmont. The Harlem Line runs up the center of the county and services land-locked communities such as Scarsdale and White Plains.  The Hudson Line serves communities along the Hudson River along the western side of the county such as Tarrytown NY and Dobbs Ferry NY.

The Hudson Line:

The Hudson Line is the most scenic of the three Metro-North train lines because it hugs the Hudson River. Going home at sunset is certainly a treat if you get a window seat.   Just as an FYI – the Hudson line  was a featured venue on a 1980′s movie “Falling in Love” staring Meryl Streep and Robert De Niro.  Follow the above link to YouTube and  you can see the entire movie streamed in 10 minute segments.

Commuting on the Hudson Line:

Ludlow  (Yonkers)

10 trains during the morning peak. (Ludlow to Grand Central Station)
9 trains during the evening peak (Grand Central Station to Ludlow)
1-2 trains per hour off-peak
27 minutes to Grand Central Station

Yonkers – NY (Express Stop)

15 trains during the mooring peak. (Yonkers  to Grand Central Station)
16 trains during the evening peak ( Grand Central Grand Central Station to Yonkers)
2 trains an hour off-peak
25 minutes to Grand Central Station (by express)

Glenwood (Yonkers)

9 trains  during the morning peak (Glenwood to Grand Central Station)
9 trains during the evening peak (Grand Central Station to Glenwood
1 train an hour off- peak.
31 minutes to Grand Central Station.

Greystone (Express Stop – peak hours)

11 trains during the morning peak (Greystone to Grand Central Station)
10 trains during the evening peak (Grand Central Station to Greystone)
1 train an hour off-peak
30 minutes to Grand Central Station (by express)

Hastings on Hudson – NY (Express Stop -  peak hours)

14 trains during the morning peak  (Hastings to Grand Central Station)
13 trains during the evening peak (Grand Central to Hastings)
1-2 trains an hour off-peak
30 minutes to Grand Central Station (by express)

Dobbs Ferry – NY

14 trains during the morning peak (Dobbs Ferry to Grand Central Station)
13 trains during the evening peak (Grand Central to Dobbs Ferry)
1-2 trains an hour off-peak
33 minutes to Grand Central Station (by express)

Ardsley-on-Hudson – NY

14 trains during the morning peak (Ardsley to Grand Central Station)
13 trains during the evening peak (Grand Central to Ardsley)
1 train an hour off-peak
35 minutes to Grand Central Station.

Irvington – NY

14 trains during the morning peak (Irvington to Grand Central Station)
13 trains during the evening peak (Grand Central to Irvington)
1 train an hour off-peak.
37 minutes to Grand Central Station

Tarrytown NY  (Express Stop)

19 trains during the morning peak (Tarrytown to Grand Central Station)
19 trains during the evening peak (Grand Central Station to Tarrytown)
2-3 trains an hour off-peak
35-38 minutes to Grand Central Stations  by express

Philipse Manor (Sleepy Hollow)

15 trains during the morning peak (Philipse Manor to Grand Central Station)
19 trains during the evening peak (Grand Central Station to Philipse Manor)
1- 2 trains an hour off-peak.
38-41 minutes to Grand Central Station

Scarborough NY

15 trains during the morning peak (Scarborough to Grand Central Station)
19 trains during the evening peak (Grand Central Station to Scarborough)
1-2 trains an hour off-peak
42-48  minutes to Grand Central Station

Ossining NY (Express Stop)

17 trains during the morning peak (Ossining to Grand  Central Station)
19 trains during the evening peak (Grand Central Station to Ossining)
1-2 trains per hour off-peak.
43 minutes to Grand Central Station by express.

Further Reading on Commuting in Westchester:

1. The Metro-North Commute to Lower Westchester
2. The New Haven Line
3. The Harlem Line
4. Commuting By Car

Just Ask Me – I’ve Got Answers!

The (*) denotes a required field.

© 2011 – Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

The Harlem Line:

The Harlem Line – depicted in the map on the right,  passes through the central towns and cities of Westchester County.  During off-peak hours there are three trains northbound to Westchester and three trains southbound to Grand Central Station.   The major express stop is White Plains which – with very few exceptions enjoys the distinction of being a stop for virtually every train on the line.  Apart from the White Plains express stop, there are peak hour express trains from Crestwood, Scarsdale, and Chappaqua.

Mount Vernon West- NY

18 trains during the morning peak (Mt.Vernon to Grand Central)
15 trains during the evening peak (Grand Central to Mt. Vernon)
2  trains an hour during off-peak times
25 minutes to Grand Central Station

Fleetwood

15 trains during the morning peak (Fleetwood to Grand Central)
14 trains during the evening peak (Grand Central to Fleet wood)
2 trains and hour during off-peak times
28 minutes to Grand Central Station

Bronxville NY

15 trains during the morning peak (Bronxville to Grand Central)
13 trains during the evening peak (Grand Central to Bronxville)
2 trains an hour during off-peak times
31 minutes to Grand Central Station.

Tuckahoe NY

15 trains during the morning peak  (Tuckahoe to Grand Central)
14 trains during the evening peak (Grand Central to Tuckahoe)
2 trains an hour during off-peak times
33 minutes to Grand Central Station

Crestwood – Express stop during peak hours

19 trains during the morning peak (Crestwood to Grand Central)
15 trains during the evening peak (Grand Central to Crestwood)
26 minutes to Grand Central Station (by express)

Scarsdale NY - Express stop during peak hours

15 trains during the morning peak (Scarsdale to Grand Central)
17 trains during the evening peak (Grand Central to Scarsdale)
2 trains an hour during off-peak times.
29 minutes to Grand Central Station (by express)

Hartsdale NY

15 trains during the morning peak (Hartsdale to Grand Central)
17 trains during the evening peak (Grand Central to Hartsdale)
2 trains an hour during off-peak times.
32 minutes to Grand Central Station (by Scarsdale Express)

White Plains NY- Express Stop Peak and Off-Peak

32 trains during the morning peak (White Plains to Grand Central Station)
33 trains during the evening peak  (Grand Central Station to White Plains)
3 trains an hour during off-peak times.
33 minutes to Grand Central Station – (by Express)

North White Plains NY

22 trains during the morning peak (North White Plains to Grand Central Station)
25 trains during the evening peak (Grand Central Station to North White Plains)
3 trains an hour during off-peak times
36 minutes to Grand Central Station – (by White Plains Express)

Valhalla NY

10 trains during the morning peak (Valhalla to Grand Central Station)
10 trains during the evening peak (Grand Central Station to Valhalla
1 train an hour during off-peak times.
38 minutes to Grand Central Station.

Hawthorne NY

10 trains during the morning peak (Hawthorne to Grand Central Station)
10 trains during the evening peak (Grand Central Station to Hawthorne)
1 train an hour during off-peak times.
42 minutes to Grand Central Station

Pleasantville NY

10 trains during the morning peak (Pleasantville to Grand Central Station)
10 trains during the evening peak (Grand Central Station to Pleasantville)
1 train an hour during off-peak times
46 minutes to Grand Central Station

Chappaqua NY - (Express stop during peak hours)

13 trains during the morning peak (Chappaqua to Grand Central Station
13 trains during the evening peak (Grand Central Station to Chappaqua)
1 train an hour during off-peak times
46 minutes to Grand Central Station (by Express)

Further Reading:

The Metro-North Commute – The New Haven Line

The Metro-North Commute – The Hudson Line
The Metro-North Commute to Westchester NY

Commuting in Westchester NY- the major interstates and parkways
Commuting by car in Westchester NY – Interstates & Parkways

Search For Homes with Listing Book:

Listing Book is one of the most informative public-facing versions of the MLS available. It allows the public to search for listings the way an agent does. Listing Book is up-to-date and allows buyers and sellers to view listings under contract and solds.

Listing Book is available by invitation only. Fill out the form below and I will send you your invitation to search like a REALTOR®. Your first and last names plus a valid email address is all that is required.

© 2011 – Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

As stated in my previous post,  lower Westchester boasts commuting options that are the envy of the Tristate area.  When asked why prices in Westchester have remained so resilient, one of my answers is always “Metro-North.”

The New Haven Line – (or the red line) begins in Grand Central Station in mid-town Manhattan and stretches to New Haven CT.  The first stops are in Westchester County featuring the cities and towns located along the Long Island Sound.

Mt. Vernon East:

13 trains during the morning peak (Mt. Vernon to Grand Central)
9 trains during the evening peak  (Grand Central to Mt. Vernon)
1-2 trains an hour during off-peak times
29 Minutes to GCS

Pelham NY:

13 trains during the morning peak (Pelham to Grand Central)
9 Trains during the evening peak (Grand Central to Pelham)
1-2 trains an hour during off-peak times
33 minutes to Grand Central Station.

New Rochelle NY:

14 trains during the morning peak (New Rochelle to Grand Central)
12 trains during the evening peak (Grand Central to New Rochelle
1-2 trains an hour off-peak
36 minutes to GCS (32 minutes express)

Larchmont  NY  – Express Stop during peak hours:

13 trains during the morning peak – (Larchmont to Grand Central)
12 trains during the eventing peak (Grand Central to Larchmont)
1-2 trains per hour off-peak
33 minutes  – on Larchmont to NYC Express.

Mamaroneck NY:

13 trains during the morning peak – (Mamaroneck to Grand Central)
12 trains during the evening peak – (Grand Central to Mamaroneck
1-2 trains per hour off-peak
38 minutes Mamaroneck to NYC

Harrison NY:

15 trains during the morning peak (Harrison to Grand Central)
16 trains during the evening peak (Grand Central to Harrison)
2-3 trains per hour off-peak
38  minutes  – Harrison to NYC

Rye NY:

15 trains during the morning peak (Rye to Grand Central)
13 trains during the evening peak (Grand Central to Rye)
2 trains an hour off-peak.
40 minutes  Rye to NYC

Port Chester NY:

15 trains during the morning peak (Rye to Grand Central)
13 trains during the evening peak (Grand Central to Rye)
2 trains an hour off-peak.
43 minutes Port Chester to NYC

So there it is – a summary of the New Haven Line.

Further Reading:

The Metro-North Commute for Lower Westchester

Commuting by car in Westchester NY – Interstates & Parkways

Search For Homes with Listing Book:

Listing Book is one of the most informative public-facing versions of the MLS available. It allows the public to search for listings the way an agent does. Listing Book is up-to-date and allows buyers and sellers to view listings under contract and solds.

Listing Book is available by invitation only. Fill out the form below and I will send you your invitation to search like a REALTOR®. Your first and last names plus a valid email address is all that is required.

© 2011 – Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.