Archive for the 'Villages/Towns' Category
Larchmont Property underwent a downturn over the past year. Traditionally, this market had been quite resistant to recession forces however, the crash of 2008 brought prices down. But while it brought prices down those lower prices brought out buyers – particularly in the single family home market. Always desirable for its schools, easy commute and great location, Larchmont homes for sale are always in demand. Inventories are relatively low when compared to the rest of Westchester.
Larchmont NY Cooperatives:
At first glance, it appears as if cooperatives in Larchmont underwent a significant price increase over Q4 2008. But that didn’t square with comperables in individual complexes. Looking closer, there was a descrepancy in the number of 1 BR vs. 2 BR units sold. So much so that it skewed the numbers. Instead of prices being up over 18% – when I compared 1 BR coops from Q4 2008 to Q4 2009 – prices were actually down over 22%. Inventories are consistant with single digit depreciation with about 8 months of overhang on the market. Sales volume remained steady over the previous year – which is a positive sign in spite of the price drop.
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The Scarsdale market began its correction towards the end of 2007. Scarsdale homes went down substantially in value through 2008. In spite of the financial meltdown at the end of 2008, the Scarsdale market has actually been firming up over the past year. Although this has not been smooth ride, there are signs that the market is stabilizing – or at least depreciating at a slower rate. In many ways the Q4 data reflects the Q2 data where year over year home values had started to nudge up. In Q3 many of these gains were erased, but they were back in the 4th quarter.
There are several issues that could derail this trend. Subsidies for mortgages will be ending putting pressure on interest rates. Further, Scarsdale is not immune to the shadow inventory of foreclosures that have yet to hit the market. the high-end will probably not be spared a share of short sales and foreclosures.
Scarsdale NY Cooperatives:
Cooperative sales prices remained stable from the previous year with the average sales price of $251,000 for both years. Sales volume was impressive when compared to the doldrums of the post-crash 2008 – up 72% over the previous year. The swollen inventories have decreased and there is only a 4.9 month inventory currently on the market. This is consistent with stable prices.
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The housing recession continued to exert its impact on local markets. Hartsdale was no exception. Areas such as White Plains and Hartsdale were late to the recession party. For a while it looked as though they might emerge somewhat unscathed. But the market crash of 2008 caused the correction to reach the lowr Westchester market. The question remains as to where the bottom of this market truly is. I have given up making too many predictions. What conclusions one can come to are generally based on current inventories and the absorption rate. Since housing is supply and demand – low inventories stabilize prices. In any case, the decline is not over, but it is fair to say that the free-fall of last year seems to be winding down.
Hartsdale NY Cooperatives:
Entry-level markets fared better than other sectors so far during this correction. Cooperatives in Hartsdale show a similar pattern to that of White Plains. Prices are down 3.3% over last year. However, I would warn that this might reflect the increased sale of 2 BR units over 1 BR units. As prices fell, buyers found they could afford a bigger unit – creating statistics are artificially favorable. If you are a seller, be careful not to overprice your coop. Inventories are low and volume is only slightly lower than the previous year. So, for the moment, this is more stable market than most.
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Over the past couple of years, I’ve written several blogs about local businesses. One of my favorite haunts has been Coffee Labs of Tarrytown NY. Coffee Labs was established in 2002 and for seven years has roasted and served wonderful coffee drinks and freshly roasted coffee to brew at home. Coffee Labs was named for the owner’s chocolate Labrador Retrievers. During tht time, Mike and Alicia have established Coffee Labs as a eco-friendly and pet-friendly coffee shop. Since they don’t prepare food on-site, they had an arrangement with the health department that allowed patrons to bring their dogs into the shop. The dogs had to be properly leashed and be well-behaved. I even wrote a blog about how Jade and I often spent mornings at Coffee Labs while I completed correspondence and some work realted activities – including market reports and blog articles.
But it only takes one complaint to ruin something that has worked well for years. Apparently one person complained to the health department and that has put the entire pet-friendly nature of the coffee shop “on hold.” The coffee shop is applying for a variance so that the patrons can bring their pets back. But positive public opinion on this matter can only be helpful. So I ask all pet-owners everywhere to feel free to comment on this blog and add your support by joining the discussion on Facebook. As one dog-owner and patron said to me last evening – “If you don’t like the fact that dogs area allowed – go somewhere else! There are plenty of coffee shops in Westchester if you don’t like dogs.”
© 2010 Ruthmarie G. Hicks – http://thewestchesterview.com. All rights reserved.
Happy New Year Everyone…
Westchester is one of those places where there is a New Years celebration to fit any mood. To prove the point, during the course of the day and evening I decided to keep a photo journal of sorts of my New Year’s Eve. I pulled my favorites for posting. For those who prefer a more contemplative mood, there was plenty to do and see in lower Westchester. You could walk the trails, take a drive, wonder around the towns and villages. For those who prefer to party – downtown White Plains had its annual ball drop and New Year’s party. My personal preference leans towards the more quite and reflective celebration. But that didn’t stop me from attending the annual ball drop and fire works in downtown White Plains. Unfortunately, my camera didn’t catch the fireworks – let’s just say my camera picked the wrong time to need a change of batteries. Too bad too, because the show lit up the sky to the point where it was almost like daylight for a moment. Hopefully, you will find a picture to suit your mood….
© 2010 – Ruthmarie G. Hicks – http://thewestchesterview.com. All rights reserved.
Scarsdale NY housing has been in the cross hairs of the housing recession for a while now. Initially, it was resistant to the correction taking place in other parts of the country. Eventually the forces that had hit other parts of the country so dramatically, came home to roost even in the most resilient areas of Westchester. Real estate values in Scarsdale NY came under prssure as inventories swelled. The drop was severe. However, some of the numbers show signs of a bottom being at hand.
Cooperatives:
The number of co-ops sold are down 15% over the previous year. This is a trend that has been seen in other parts of the county and reflects the difficulties in obtaining financing. Currently there is a nearly 8 month inventory on the market. However, prices remain slightly higher than the previous year, (5.4%) indicating a market that is stabilizing. There are some mixed signals here. the inventory is still high however, the pricing is surprisingly robust.
Single Family Homes – Scarsdale:
After a “pop” during the 2nd quarter prices have once again fallen and are down 27% over the 3rd quarter of 2008. Swollen inventories are going down. Right now inventories are approaching th 6 month mark.
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Autumn in lower Westchester NY is a very colorful event.
There is something about the color of the leaves and how it lights up the sky that I find very compelling. Forget leaf peeping in Vermont – our season peaks later, but the foliage is just as amazing. At this time of year, people flock to parks in Westchester NY for the foliage and crisp weather.
This week had been particularly stressful – so Friday afternoon I escaped to the Rockefeller Preserve in Sleepy Hollow to regenerate. Among the many things to do in Westchester, this is among my favorite places to decompress and get back in touch with what it is all about. Although the leaves were more than half gone, the color of the sky and the sunlight caused the remaining leaves light up the sky with a full fall fire. Jade and Tundra – my faithful Huskies accompanied me and enjoyed the blustery cold air. We also ran into a friend from my brokerage – Monique another avid walker, arrived just as I was leaving.
Here are a couple of the photos I snapped along the way. As a nature Preserve, you get to see the beauty of nature’s wild side.
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The Hartsdale NY housing market is in buyer’s market mode. Prices for coops, condos and single family homes all experienced price reductions when 
compared with the third quarter of the previous year. This was the second year of price reductions for the area. Volume was variable with single-family home sales being down 70% over the previous year while there was a slight increase in the number of coop sales.
Hartsdale Cooperatives:
Coop prices dropped 11.1% over the previous year with the average price being $192k for Q3 2009. That was enough to make them a desirable purchase. This was particularly true of East Hartsdale Ave. Demand remained high and volume was up 1% from 2008. There is a 5.8 month inventory on the market – making it a borderline buyer’s market in terms of inventory. Prices have dropped nearly 15% from Q3 2007 – which is roughly when sales prices peaked. This is still a buyer’s market, but the reduction in inventory and stable sales volume indicates that we may be near the bottom.
Hartsdale Condominiums:
Condos didn’t fare as well as cooperatives. Sales prices were down nearly 13% from the previous year. The average sales price for the third quarter was $370k down from $425k in 2008. Sales volume was down 33.3% and there is currently an 8 month inventory on the market creating a definite buyer’s market. This market didn’t really start declining until after the stock market crash – so it may have some more adjustments ahead.
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Manor Park, in Larchmont is a gem for those who enjoy water views and a nice walk. Unlike the Rockefeller Preserve, where wildlife rules, Manor Park is has manicured paths and wonderful plantings. The imppecibly maintained masonry walls that separate the Park from the Long Island Sound, along with the stone benches built right into them flow almost seamlessly with the natural rock that has been smoothed by the flow of water.
The park was established in the 1870s. The Larchmont Manor Park Society was established in 1892 to maintain and preserve the park and is active to this day. Indeed, the society recently was responsible for a $1 million capital improvement program. The park initially included 6 acres and has expanded to 13 which includes Manor Beach. The park remains privately owned by the local residents but is generously open to the public year round from dawn to dusk. You can job, walk, stroll sit and enjoy the sights, read a book and walk your dog. Dogs must be leashed and cleaned up after.
I spent part of an afternoon in the park just recently. Jade and I walked the length of the park. As usual, Jade was an attractant to kids, adults and dogs alike. She met several new canine friends and enjoyed watching the boats and the waves. She is unaccostomed to waves and was quite surprsied that the water was salty. I had a fresh drink awaiting her – so no dogs were harmed or allowed to go thirsty during the course of our photo shoot and walk.
For more photos visit my photo-stream on Larchmont Manor Park on Flickr.
© 2009 Ruthmarie G. Hicks – http://thewestchesterview.com. All rights reserved.
This is the first time I’m including several “River Towns” of lower Westchseter in one report. The reason for this is that because of low sales volume in each individual village, it is difficult to nail down market trends. The small numbers produce wild gyrations that are often the result of one or two sales at the high or low end of the spectrum. Including villages that have similar price ranges, commutes and tax structures in one report creates a more accurate picture of the area.
The River Towns included in these stats are in the lower portion of “Area 3″, including Hastings-on-Hudson, Dobbs Ferry, Ardsley, Irvington and Tarrytown (which are all part of the town of Greenburgh.) Also included is Sleepy Hollow – which shares a school system with Tarrytown. Sleepy Hollow is located in the town of Mt. Pleasant.
Cooperatives:
In the second quarter of 2009 13 cooperative units sold – down 50% from the previous year. Prices remained firm and were even up nearly 5% over the previous year. Difficulty in securing a loan may be the primary reason for the drop in volume as consumer desire for entry level housing is returning. It is still a buyer’s market with a little over 11 months of inventory on the market.
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