Archive for the 'Scarsdale' Category
Scarsdale Cooperatives:
Scarsdale coops are very popular for commuters and long-time residents alike. When people think of coops in Scarsdale, they are often thinking of the famous Garth Road. Unfortunately, there are no longer any dog-friendly cooperative complexes on Garth. However, nearby on Central Ave, there is such a complex.
Scarsdale Country Estates:
Scarsdale Country Estates is located on Campus Place and Sentry Pl. off of Central Ave. Although they have a Scarsdale, P.O. address, it is important to clarify that they are actually located in the town of Greenburgh in the famous Edgemont school district. These are lovely old world garden style units with fine moldings, hard wood floors and fireplaces.
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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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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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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.
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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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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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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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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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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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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