Archive for the 'Villages/Towns' Category
Over the past few months I’ve been observing a strange sight: fiberglass roosters nesting all over Scarsdale Village. “Rooster Row” as it is called is a fundraising event for the benefit of the Scarsdale Historical Society. It recalls a similar fund raising event in Larchmont involving ducks in 2006. Although the roosters were supposed to be auctioned off earlier in the year…many of the roosters still remain. I don’t know exactly what happened at the auction, but I’m pleased to still see the some of the roosters out and about. They certainly are a colorful addition to Scarsdale Village. They also serve to showcase local talent and promote local business – all of which is a good thing during these challenging economic times. I took these photos a few months ago but got caught up with other things. So I’m posting them now – better late than never.
© 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.
The housing market in Scarsdale is all over the place. Single family homes took a very heavy hit last year. Since they took their hit early, they now appear to be in recovery mode. The same can not be said for neighboring Edgemont which is now taking a drubbing and the cooperative market has also seen some difficulties.
Cooperatives:
Coops took a big hit this time around. It is somewhat surprising to see since this entry level type of housing has remained very sturdy and resistant to correction due to high demand. But it is not immune. Sales prices for the Scarsdale P.O. are down over 23%. Less so in desirable areas near the train – such as Garth Rd. But all have taken a hit since the market crash of ‘08. Sales volume for Q2 2009 is down over 45% with only 18 units sold in Q2. There is currently about 15.5 months of inventory on the market – making this a buyers market by every criteria that we have.
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The Hartsdale housing market is in buyer’s market territory at this time. Like White Plains, the area resisted the housing correction particularly in the condo and coop markets until the stock market crashed in late 2008. Single Family homes had taken a hit prior to the market crash and although declines continued – they were not as severe.
Cooperatives:
The coop market saw a 3.1% price decline from Q2 2008. Hartsdale currently has an inventory of 11 months. There are quite a few contracts and pendings at this time. This reflects the longer escrow periods that the banks are responsible for. Sales volume is down 12.5% over the previous year. Much of that decline in slaes volume can be attributed to the slowness of the banks. The number of contracts and pendings indicates that thinAlthough this is absolutely a buyer’s market, the volume has picked up and the free-fall in prices has stopped.
Condominiums:
The most dramatic price adjustment was in the condo market. Prices were down almost 35% over the previous year. Sales volume was down over 14%. The current inventory suggests an absorption rate of 15.5 months. Although Hartsdale did not go on a high-rise “building spree” like White Plains and New Rochelle, the excesses of those markets are filtering their way through the entire lower Westchester condo market.
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Coffee Labs of Tarrytown NY - A place to enjoy a great cup of coffee – with your best canine friend!
I confess that I have a coffee habit. It’s easy to point fingers at my 1/4 Spanish/Cuban heritage – but let’s face it – I’m addicted. This is particularly true of really fine coffee. And Coffee Labs offers some of the best blends there are. Once you’ve tried it, there really is no going back.
Sometimes I go to Coffee Labs in the morning with Jade – my mellow Siberian Husky. For those of you who have read the antics of my two White Siberian Huskies, you know that I hav two females named Jade and Tundra. Tundra is my wild child and Jade is as relaxed and mellow as Tundra is exuberant. So Jade gets to accompany me to the coffee shop where I get a great cup of coffee, pull up a table and get to work researching the market and catching up with correspondence. It’s my way of getting out of the office and enjoy a change of pace – while still being able to get work done. There are quite a few regular morning patrons at Coffee Labs. Many sit just like me – working away at their laptops sharing the bandwidth. Julie Annello is one a customer who I took note of because she didn’t have a laptop. Instead, she had her sketch book. For several days Julie tried to get a nice sketch of Jade, but somehow – it never quite happened…until last Wednesday… It really captures the quiet calm of Jade and her retiring, gentle personality. Julie gave me her sketch which I scanned into my computer and here it is….direct from Coffee Labs…Jade in repose while her “Mom” is working on market stats.
© 2009 Ruthmarie G. Hicks – All rights reserved.
Going into NYC for July 4th is great – but it can be a hassle. Fact is you don’t need to go to Manhattan to see terrific displays. Here is a short list of lower Westchester events and fireworks displays. This will help get you started….
You can start celebrating as early as tonight:
Events for Wednesday July 1, 2009
Playland’s Weekly Fireworks Display:
Starts at 9:15. Offered by the Westchester County Parks Dept. Admission for parking is $4.00
Location & Info:
Playland Park
Playland Parkway
Rye, NY 10580
(914) 813-7010
White Plains Fireworks Display:
An evening out at the White Plains High School. Includes fun for all With inflatable rides and food along with a children’s stage. Free to the public. 6-10 PM. (Rain date July 2)
Location & Info:
White Plains High School
550 North St.
914-422-1200
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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.
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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