Archive for the 'Villages/Towns' Category
Yes, this report is very late…I’m including it in order for readers to have a complete picture of this market as we move through the year.
Tarrytown and Sleepy Hollow housing stats are giving us many mixed signals. Pricing appears to have stabilized, but inventories remain high given the low rate of sales – which will continue to put pricing under pressure.
Cooperatives:
Coops showed a pricing increase over the previous year by roughly 6%. The number of units sold in both years was quite small, so these statistics need to be taken with a grain of salt. The current inventory reveals a 9 month supply of coops currently on the market – which is actually a good deal less than other parts of the county. The average sales price for a coop in Tarrytown/Sleepy Hollow was $146,000 for the first quarter.
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One of the many issues confronting first time buyers and those who want to “downsize” is that many crave having an outdoor space. Cooperative life isn’t always conducive to having outdoor space, but the coops on Garth Rd. are an exception. The park that runs behind the Bronx River Parkway side of Garth Rd. creates a wonderful “back yard” for the residents. For those who crave outdoor space and easy to footpaths. The area, called the Garth Woods Conservatory offers a quiet oasis from the usual street and village traffic and appears to be popular with many of the residents. I took advantage of some extra time I had and took a short walk along the Conservatory with my dog Jade. We ran into several canine friends along the way as well as several people who were happy to meet my dog…I wasn’t nearly so interesting.
As can be seen from the photos – many who live along the Garth Woods Conservatory have a birds eye view of the woods – with gardens or terraces having a view of the woods.
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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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Much of Scarsdale is in full blown buyer’s market mode. In single family homes, the price drops and inventory issues have been extremely severe. The cooperative market has held up much better. The weakness in single family homes is in part a reflection of the stressed jumbo loan market. Since most homes in the coveted 10583 zip code fall into the high-end category – the market has been dealt a more severe blow than corresponding markets in White Plains and Hartsdale.
Scarsdale is a wonderful place to live and qualified buyers should be taking advantage of this rare opportunity.
Scarsdale Cooperatives:
Coop prices and inventory have remained remarkably stable over the past year with prices dropping less than 1% over the previous year. Volume was down 28% over Q1 of 2008 and the overhanging inventory is about 12 months. However, since we are now in the prime selling season with 20 units under contract or pending, the actual inventory is significantly lower than that. Prices are close to 8% off their highs from Q1 of 2007. But this is a far milder reduction than we’ve seen in other parts of the county.
The area is desirable with an easy commute to Manhattan, so its not surprising that prices have been resistant to the declines seen in other markets. Further, the price point for cooperatives inoculates them against the woes of the jumbo loan market. The charts below show just how resilient this market has proven to be.
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The buyers market that we are seeing in most parts of Westchester is also in force in Hartsdale NY. Inventories are high while sales remain slow. However, interest in buying has picked up and there are those who say that prices are near their bottoms.
Markets are by no means even. Areas near the train station seem to do particularly well when compared to outlying areas where a walking to Metro-North is not an option.
Cooperatives:
Prices stabilized this quarter to some extent. But this was on the heels of a significant price drop during 2008 particularly following the stock market crash. Prices will continue to remain weak due to high inventories and low volume. The change in volume of sales from Q1 of the previous year is a striking 65.4%. Only 9 cops sold during the first quarter compared to 26 the previous year.
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For those looking for an easy commute and extra elbow room at a great price, this coop should be on top of your list of “must-sees.”
Hartsdale Towers is a beautiful pre-war complex located on the corner of the highly desirable East Hartsdale Ave. and Columbia Ave. This complex features a unique stucco and brick facade with wonderful old-growth trees and landscaping that create a residential feel in spite of its location on E. Hartsdale Ave. The lobby is Art Nouveau with stunning moldings and details.
The unit itself is a large 2 BR unit with 1080 s.f. It has high cove ceilings and newly refinished hard-wood floors. The kitchen and bath are updated and the kitchen contains new stainless steel appliances. Bright and airy with excellent view of E. Hartsdale Ave. the unit offers tremendous value for the price.
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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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Tarrytown and Sleepy Hollow have been in the midst of a buyer’s market for some time. This has been particularly true of the single-family home market in the area. The higher tax rates that some of the river towns deal with put this particular market into bearish mode rather early in the correction when compared to other areas of Westchester.
One of the symptoms of a buyer’s market is low volume. Volume was way down on the cooperative market. So much so that there weren’t enough sales to run pricing statistics with any accuracy – which is why they are omitted. Condo prices and volume were down significantly when compared to the previous year. But single family homes that have been really beaten down in the last few quarters – had a volume consistent with 2007 levels – significantly down from the boom era, but not the grim dip seen in other sectors. It might be an early indication that that particular sector is starting to stabilize. Of course it is way too soon to say anything definitive. Market bottoms are always judged with 20/20 hindsight!
Cooperatives:
There were only two sales for the 4th quarter – far too few to draw any meaningful conclusions on – except that this is a bear market for coops. Having said that, sales are low throughout the county and coops are a very small part of this particular market. Yes, its a buyers market, but with only 7 units for sale in a down market, how many sales could one expect?
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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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It may be the dead of winter, but a buyer’s housing market is in full bloom in Scarsdale. Some sales statistics point to one of the best buyers markets for single family homes than has been seen in a very long time.
Cooperatives:
Coops in the coveted Scarsdale zip code (10583) showed less stress than single family homes. They were one of the bright spots in an otherwise grim quarter. Prices were down a mere 4.6% over the previous year – with an average sales price of $251,000 for the 4th quarter. There was a mild (perhaps insignificant) average price increase of $13,000 from the previous quarter. The number of units sold in 2008 was not significantly different from the 2007 numbers. But there has been a significant inventory increase of 8.4 months reflecting the season and the general weakness in the New York market.
It should be noted that for cooperatives I use the Scarsdale post office and not the municipality for these statistics. This reflects the way buyers tend to shop of for cooperatives. Buyers shop in terms location not municipality.
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Yes, this report is very late…I’m including it in order for readers to have a complete picture of this market as we move through the year.
