Archive for the 'Villages/Towns' Category
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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Bark and Meow of Tarrytown is one of my favorite haunts for pets. It has everything you could possibly imagine for the upscale New York canine or feline in your life. My own dogs, Jade, Tundra and Buddy sport bandannas and collars from Bark and Meow and are the better looking for it! Today – the owner – Laura Haupt outdid herself with “street art.” Using sidewalk chalk – she created her own version of street art for this special day NY style! Many of the offerings in the store are very New York, including subway line sweatshirts. There is plenty to see and enjoy in that store. Even if you aren’t in the mood to buy, you’ll want to stop by and meet the store’s mascots Juno and Satchi. Juno, the Korean Jindo is the official welcoming committee for humans and canines alike.
Hartsdale, NY is a very small market, so its important to understand that the statistics can vary a lot more than other areas that I cover. Having said that, Hartsdale appears to be in a full blown buyer’s market with almost all indicators pointing in that direction.
Cooperatives:
Coop sales accounted for 62% of the market during the fourth quarter. This is a strong example of a general trend. Entry level housing is moving more than midrange and high-end. Since most people in this market have nothing to sell, they can take advantage of the lower prices without taking a hit on the selling side.
Prices were down almost 7% over the 4th quarter of the previous year.
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White Plains is in buyers market mode with varying levels of weakness and strength in terms of high inventories and low sales volumes. Prices in some sectors are showing more strength than the inventories and volumes would suggest. However, these sectors have already undergone a substantive pricing adjustment and though inventories are still high, they are lower than the White Plains housing inventories from the 3rd quarter.
Cooperatives:
Coops showed a mild price increase over the same quarter from the previous year. However, the average price of $208,000 was down from the previous quarter. This makes some sense as the housing correction started to hit home in the fourth quarter of 2007. Further, the pent up need to buy is quite intense in our area. The correction from the previous quarter combined with lower interest rates probably pulled some fence sitters to get out into the market. There is roughly 4 months of inventory currently on the market which is also an improvement over the 5.5 month inventory of coops at the end of the 3rd quarter.
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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