Westchester View

Over the last year the generally sturdy markets of Westchester County have shown signs of softening in terms of price as well as volume. That trend continued in the the third quarter of 2008.

Cooperatives:

Sales prices of White Plains cooperatives were down roughly 5.7% over the previous year. Until recently, price points on cooperatives have been remarkably resistant to the housing correction that has been in progress in other parts of the nation. That appears to be changing and is bolstered by the significant decrease in sales volume over the previous year. The second chart shows that coop sales have decreased a whopping 32.5% over the previous year. Finally, the third chart reveals a 5.5 month inventory of active listings – placing coops in “buyer’s market” territory for the first time in many years. The price range for cooperatives was from $95,000 for a studio to $450,000 at the high end. The average price was $217,000.

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Tarrytown and Sleepy Hollow river towns which are inextricably linked to each other through history and lore. Although Tarrytown is located in the town of Greenburgh while Sleepy Hollow is part of Mt. Pleasant, the two villages share a school system. Both Tarrytown an Sleepy Hollow have their own stops on the Hudson Line and are about 35-40 minutes from midtown Manhattan. Tarrytown used to be a very sleepy village, but it is developing a night life of its own and boasts the oldest Music Hall in the county which has seen some very top drawer performers in the recent past along with fine dining. Sleepy Hollow is home to the Headless Horseman Bridge, the Old Dutch Church and Cemetery and the famous Rockefeller Preserve. Sleepy Hollow and Tarrytown have discussed the benefits of merging the two villages although this would require secession from Mt. Pleasant on the part of Sleepy Hollow. In any case, these two villages are crammed with history, character and views providing a unique place to live that is a train ride and a world away from downtown Manhattan.

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Chatsworth Ave. Larchmont, NY

Larchmont is a small village located within the town of Mamaroneck. Larchmont is an elegant bedroom community with a combination of high-end cooperatives, a smattering of condominiums along with elegant single family homes in established neighborhoods from the pre-war era. As of the 2000 census, the Larchmont population was close to 6500. The train station is conveniently located such that many of the homes are within easy walking distance. The village itself sports lovely boutiques and fine dining. Larchmont is a very upscale community which all comes at a price.

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The Village of Scarsdale, NY 10583

The village of Scarsdale (which is also a town) is famous for its high end housing consisting of graceful Colonials and imposing Tudors from the pre-war period complete with ample manicured lawns. Some things never change. Scarsdale remains an exclusive and charming village, if anything it has become more exclusive over time and continues to cater to those who want (and can afford) the best of everything, including homes, schools and high-end shopping. Although Scarsdale has its share of high end shopping and fine dining, with a population of about 18,000, it has steered clear of the hustle and bustle that White Plains has encouraged and promoted. Scarsdale is a charming village with a quiet elegance and grace about it. It has the advantage of being just 30 minutes from Manhattan by train and ten minutes from the center of downtown White Plains by car.

Although Scarsdale is known for its single family homes, I am including cooperatives in my report. Some of these cooperatives share the Scarsdale post-office although their municipality is officially in neighboring Eastchester. This is particularly true of the cooperatives on Garth Road. The reason I include these in this market report is that they are inextricably linked to the village of Scarsdale being located within the village or just a short walk from the center of the village.

For single family homes, my report is restricted to the major neighborhoods within the municipality of Scarsdale

Although there are condominiums in Scarsdale, cooperatives dominate the scene. I did not include condos in this report as there were too few sales to make meaningful statistics.

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Home in Manor Woods of Hartsdale, NY

Hartsdale is a hamlet/post office located in the town of Greenburgh. Greenburgh encompasses a large number of hamlets and villages including several river towns along the Hudson. Hartsdale itself is landlocked and near the southeast corner of Greenburgh. It is a popular location for commuters because the compact hamlet boasts its own train station on the Harlem line just 30 minutes from NYC. Ideally located just ten minutes from the hustle an bustle of downtown White Plains, Hartsdale is a great destination for those who prefer a walkable village along with an easy Manhattan commute, but still want to take advantage of the nightlife and shopping offered in downtown White Plains. Most residential neighborhoods are within walking distance of the train but for those that are not, jitney service is available during peak hours. The Hartsdale post office/zip code (10530) covers a population of about 10,000 with 4300 households which are a mix of cooperatives, condos and single family homes.

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The third quarter of 2008 has just ended and its time to take stock of the Westchester housing market. Real estate is a local business and this was never more true than in Westchester County. In Westchester, you can move from high-rise cityscape to rolling hills with single family homes on half acre lots in less than two miles. It should not be surprising that market trends vary between communities.

White Plains, NY a city of close to 60,000 residents and a commuter population of over 250,000 has witnessed explosive growth over the past ten years and has proved to be remarkably resilient in spite of the housing recession that currently grips the country. Nevertheless, there has been some weakness in this market and in some sectors there have been minor corrections.

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