Archive for the 'Larchmont' 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, homes for sale Larchmont NY 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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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.
Larchmont seemed to be impervious to market forces. Prices on single family homes kept climbing, national housing crisis notwithstanding. And why not? Larchmont is an easy commute to NYC (30 minutes). It’s got wonderful shops with a nice village feel, fine dining, nice boutiques, terrific schools and established neighborhoods brimming with old-world charm. Add Manor Park along the Long Island Sound to the mix – the proximity of downtown White Plains and New Rochelle and you’ve got a winning combination. But nothing can go up forever and the stock market crash has impacted the housing market.
Cooperatives:
Coops in Larchmont look as if they rose significantly in price. But this flies in the face of experience and common sense. The raw stats sighted below show a 33% price increase which is crazy. On closer examination, the 2008 stats were artificially low due to the large quantity of studios and small 1 BR units that sold. So skewed were these numbers that closer examination revealed a 6-7% price decrease. This was accomplished by comparing 1BR units that sold in 2008 to those sold in 2009. The same was done for 2 BR units. The inventory also indicates a buyers market with about a 24 month supply of units on the market. Volume is down 50% over the previous year. Compared to other markets, this decrease is far from dramatic. But this is a good time for buyers to enter this market.
Over the past few quarters, Larchmont had been seemingly impervious to the market gyrations that were impacting the rest of Westchester County with varying impact. Like White Plains, it took the Wall Street crisis and the temporary freezing of the credit markets to shake things up.
There are relatively few condos in Larchmont, so this discussion will be limited to cooperatives and single family homes. In general, cooperatives fared reasonably well, but single-family home values took a significant hit.
Cooperatives:
Coops actually showed a slight increase in price when compared with Q1 of 2008. The 2% increase is well within the normal oscillations – and so one could consider these prices as “stable.” For coop buyers, Larchmont is a desirable location with many complexes located within easy walking distance of the train. That combined with the easy walkable bedroom community right at your doorstep – has allowed prices of coops to remain relatively stable.
The cloud on the horizon is the overhanging inventory which shows no signs of easing given the current number of contracts and pendings. At the current rate of sale, it will take 16 months to clear the current inventory. Sales volume has varried slightly, but once again, this variance is within normal oscillations commonly seen in smaller markets.
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Larchmont NY (town of Mamaroneck) is one of those wonderfully cozy villages that reminds me of more of the “old world” then the east coast of the United States. One snowy day in late January, I was running around with leases in Larchmont and New Rochelle. My client was stuck in traffic (due to the snow) and I found myself in Larchmont enjoying the snow while I waited. Eventually I vented my frustration at having to wait so long and starting randomly shooting. Disclaimer – no people, clients or otherwise, were harmed during my shooting spree – however some images were “captured.”
On a more serious note, this has been a difficult winter for almost everyone I know. Cold, snowy and frightening for many. So much loss of wealth and treasure should not happen in such a short period of time. Everywhere I’ve turned, I’ve seen lives torn apart by the financial crisis gripping the country. The following pictures are a reminder that the even this very difficult winter of our discontent and fear had its share of beauty and charm. For those who are not local – consider this a charming if snowy introduction to one our most charming villages.
In that last photo – I should have asked if anyone dropped by for lunch outdoors!
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Larchmont is one of the few areas that has, in some sectors, escaped the worst of the bear housing market – at least for the time being. Single family homes in Larchmont have been particularly resilient. Cooperatives have undergone a mild price correction, but compared to other parts of Westchester, Larchmont is on firmer footing.
Cooperatives:
Sales prices are down about 10% from the previous year with an average price coming in at $241,000. That’s down from the third quarter, but the small number of actual transactions makes drawing conclusions tricky. There’s about 6 months of inventory on the market, but the number of units sold is up from the previous year.
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Happy Holidays to one and all!
Often when people think of Westchester, they think of the glitz and the glamour of New York City. And why not? NYC is a mere 20 miles away and about 30 minutes by train. Certainly downtown White Plains and New Rochelle and building up that “city image.” But Westchester has a “softer side” with many small villages dotting the landscape. Here are some photos of Christmas lights that I have taken over the past few days. Nothing to glitzy or crazy – just a nice seasonal display…courtesy of White Plains, Scarsdale, Larchmont, and Tarrytown.
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Larchmont’s third quarter revealed a mixed market. Not as bearish as some other areas. Throughout this housing correction, several pockets in lower Westchester have shown themselves to be remarkably resistant to the downward trend in prices.
Larchmont has been one of these pockets, but there are signs now that this market is correcting – particularly with respect to single-family homes.
Cooperatives:
Cooperatives prices have remained strong and are up 6.7% over the previous year with an average price of $288,000. This statistic belies a marked weakness that I have casually observed. Units in prime condition are selling while those that are “fixers” seem to sit. The price increase may be a reflection of that casual observation. Nevertheless, there is only a 4.5 month supply of units – which though not bullish is hardly bearish. Further, the number of units sold this year is comparable to the number sold over the same period last year.
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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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