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.

Being located directly off of Central Ave., these units offer easy access to the Express Bus to Manhattan as well as Shuttle service to the Scarsdale Train Station.  Their location is definitely convenient many forms of shopping and within just of few minutes of the hustle, bustle, shopping and entertainment that downtown White Plains, NY and the City Center has to offer.

Cost of Living:

The units themselves are generously sized with loads of charm. 750-900 sq.ft. is customary for  a 1 BR or Jr. 4 while 1250-1350 sq. ft. is the norm for a 2 BR. Many of the ground floor units offer private entrances complete with private patios and are very appealing for people who have pets or for those who just enjoy being outdoors in warmer weather.  Parking is available but unassigned and storage is available.

There are several units under contract and in pending at this time. Although the final sales price is not known, the average sales price is about $178,000 for a 1 BR/1BA unit with units having a private patio having a correspondingly higher price.  The average maintenance is $731 a month without STAR savings.  Using a 30-year 5.5% loan and a 20% down payment as a basis, the outlay for such a unit after calculating standard tax deductions would be about $1250/month – more than  competitive with rentals in the area.  2 BR units are selling for about $277,000 with maintenance fees running $1050/month.  The outlay is correspondingly higher at about $1920/month but still very competitive with  rentals.

Pet Friendly Status:

One dog is allowed.  The dog can be any size or breed but must pass the board.

© 2010 Ruthmarie G. Hicks.  http://thewestchesterview.com. All rights reserved.

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.

Scarsdale NY Condominiums:

Although Scarsdale is known for its find cooperatives particularly those along Garth Road (Eastchester municipality)  near the village and train station.  However, condominiums are few and far between. There were no sales of condos recorded on the MLS for Q4 2009.  Christie Place will set the standard for condo sales in the future.

Scarsdale NY Single Family Homes:

Scarsdale homes had a very good quarter. Prices were up 24.1% over Q4 of the previous year.  Inventories are down, but not out.  A 6.7 month inventory is consistent with continued depreciation but in the single digits.  Nevertheless, demand is way up from the near stand-still of Q4 2008 with sales volume being up 95% over the previous year.

Edegemont Single Family Homes (Scarsdale PO):

Prices were still down in Edgemont over the previous.  Down 18.2% from the previous year. This drop is closer to what was seen in White Plains and Hartsdale during Q4.  Sales volume was up 33% but with a 9.7 month inventory, prices are probably still falling.

An Important Note About the Criteria for the Statistics:

I handle each type of housing in Scarsdale differently. I also include a special section for single family homes in “Edgemont” which is really in the town of Greenburgh with a Scarsdale post-office and zip code.
For condominiums and cooperatives, I use the Scarsdale post office and zip code as my criteria. Many of these complexes are actually located in Greenburgh and Eastchester.

This reflects the way most buyer’s shop for housing. Coop and condo buyers work by address whereas those looking for single-family homes are often shopping municipality and school districts.

Further Reading:

Scarsdale NY – Housing and Market Statistics for Third Quarter 2009.

Housing and Market Statistics for Scarsdale NY – Second Quarter 2009.

© 2010 Ruthmarie G. Hicks, http://thewestchesterview.com.  All rights reserved.

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.

Single Family  Homes Edgemont -

Edgemont shares ad PO with Scarsdale, but it is actually is in the town Greenbburgh.  Sales have picked up in the area leaving inventories low at about 4.4 months.

An Important Note About the Criteria for the Statistics:

I handle each type of housing in Scarsdale differently. I also include a special section for single family homes in “Edgemont” which is really in the town of Greenburgh with a Scarsdale post-office and zip code.
For condominiums and cooperatives, I use the Scarsdale post office and zip code as my criteria. Many of these complexes are actually located in Greenburgh and Eastchester.

This reflects the way most buyer’s shop for housing. Coop and condo buyers work by address whereas those looking for single-family homes are often shopping municipality and school districts.

Additional Reading:

Housing and Market Statistics for Scarsdale NY – Second Quarter 2009

Scarsdale NY – Housing and Market Statistics for First Quarter 2009

Scarsdale NY – Housing and Market Reports for 4th Quarter 2008

© 2009 Ruthmarie G. Hicks http://thewestchesterview.com. All rights reserved.

© 2009 – Ruthmarie G. Hicks, http://thewestchesterview.com. All rights reserved.

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.

Condominiums:

There were so few sales that I am not including condos in my statistics except to say that volume is down by 50% and prices are up – reflecting a couple of sales at Christie Place – a new high-end 55+  luxury condo complex.  It is setting a new price standard for the area – and this increase does not indicate rising prices across the board.

Single Family Homes:

These homes are located in the Scarsdale school district.  Sales volume has remained steady when compared with Q2 of 2008.  This reflects improvement seen in White Plains as well. Single family homes took the biggest hit early in the housing recession and are now leveling off and even recovering.  Prices are actually up over 2008 averages to  $1,560,000 up 4.6 %.  There is over 13 months of inventory on the market, so the conditions still favor buyers.  But for those who want to buy, I would suggest that you get moving.  Low interest rates and buyers market that might be turning around indicate that buyers should pull the trigger rather than wait for better things.

Single Family Homes: (Edgemont)

Different town, same P.O. – totally different stats.  Edgemont didnt’ take a big hit early on, but it is doing so now.  Sales prices are down a near whopping 40%.  That does not indicate a 40% drop in the price of the average home.  It indicates a price drop combined with a market that is shunning higher end properties.  More modest homes are selling – while high-end homes sit – skewing the stats downward.   However with more than 2 years of inventory on the market, Edgemont is a buyer’s market.

An Important Note About the Criteria for the Statistics:

I handle each type of housing in Scarsdale differently. I also include a special section for single family homes in “Edgemont” which is really in the town of Greenburgh with a Scarsdale post-office and zip code.
For condominiums and cooperatives, I use the Scarsdale post office and zip code as my criteria. Many of these complexes are actually located in Greenburgh and Eastchester.

This reflects the way most buyer’s shop for housing. Coop and condo buyers work by address whereas those looking for single-family homes are often shopping municipality and school districts.

Further Reading:

1. Scarsdale NY – Housing and Market Statistics for First Quarter 2009.

2. Scarsdale NY – Housing and Market Reports for 4th Quarter 2008.

3. Scarsdale, NY – Housing & Market Statistics for 3rd Quarter 2008.

4. This could be your “back yard”….

© 2009 – Ruthmarie G. Hicks http://thewestchesterview.com – 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

Events for Friday July 3, 2009

Kensico Dam Music Fest with the Westchester Philharmonic and Fireworks:

Gates open at 5 PM for picnicing – bring your own chairs and blankets. Car pooling recommended.  Concert begins at 8 PM.  This should be quite an event. Admission is FREE

Location & Info:
Kensico Dam Plaza
Bronx River Parkway
Valhalla, NY 10595
914-864-7275

Playland’s Fourth of July 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

Westchester Chamber Orchestra’s Independence Day Concert:
Featuring pianist Adam Kent performing 20th-century composers from the U.S.
Admission is FREE.

Location & Info:
One Library Plaza
New Rochelle, NY
914-654-4926

Scarsdale’s Concert and Fireworks:
Concert begins at 7:30 PM and the fireworks start at 9:15 PM.  Admission is $2.00

Location and Info:
Scarsdale Municipal Pool
311 Mamaroneck Rd.
Scarsdale, NY
914-722-1292

Sleepy Hollow Fireworks Show:

Begins at 9 PM.

Kingsland Point Park

Sleepy Hollow, NY

(Note I have no information on this event other than a sign on the road!)

Events for Saturday July 4, 2009:

Independence Day 1856 at Sunnyside:
10 AM – 5 PM – This is a full day event that includes dramatic presentations, period music and country dancing.  They are offering a game of “Town Ball” which is a 19th century version of baseball.  There are house tours and ice cream demonstrations. You can bring your own picnic or buy food on site. Admission is  $12 for adults, $10 for seniors and $6 for children 5-17 years of age.  Children under 5 are free.

Location and Info:
89 West Sunnyside La.
Tarrytown, NY
914-591-8763
www.hudsonvalley.org.

Tarrytown Fireworks Display: CANCELLED!!!!
Concert and fireworks at the gazebo overlooking the Hudson. Starts at 7 PM.

Location and Info:
Pierson Park
West Main St.
Tarrytown, NY
914-631-8347

Playland’s 4th of July Fireworks Display:
Starts at 9:15.   Offered by the Westchester County Parks Dept.  Admission for parking is $5.00

Location & Info:
Playland Park
Playland Parkway
Rye, NY 10580
(914) 813-7010

© 2009 Ruthmarie G. Hicks – http://thewestchesterview.com – all rights reserved.

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.

© 2009 Ruthmarie Hicks All Rights Reserved.

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.

Scarsdale Condominiums:

There are not a lot of condos in Scarsdale. This reflects the high concentration of pre-war construction which lended itself to coop conversion in the 1980s. The level of sales will increase as Christie Place starts to have significant closings, But until then the numbers are too small a market for me to post too many statistics. For that reason I have refrained from charting or drawing any true conclusions. Only four units sold in the first quarter of 2009. There are 13 units on the market and two sold during the same quarter of the previous year. The average price was under $500,000 – however, the presence of the 55+ community of Christie Place will change those stats significantly in the coming months.

Scarsdale Single Family Homes:

Prices are down over 17% from the previous year and down 37% from 2007. The inventory of 166 homes creates an overhanging inventory of 35 months. This is a full-blown buyer’s market and is in part a reflection of Jumbo loan issues that creates a pall over the entire high-end market nation-wide. The charts below paint a grim picture.

Nevertheless, there is a glimmer of light in that there are 47 contingent/pending sales at this time. Given the state of lending, many of these will have challenging closings. However, most of the 23 pendings will indeed close. So the market is definitely picking up steam with volume increasing dramatically off of its alarming lows of the winter. If half of the contingents and all of the pending sales close within 60 days, the inventory overhang would be about 9.5 months – assuming that volume is achieved and can be sustained.

Edgemont Single Family Homes:

Edgemont shares a zip code with Scarsdale as well as the Scarsdale P.O. Edgemont is part of the town of Greenburgh – but I include the stats here because many who are looking to buy in Scarsdale are often searching in Edgemont as well.

Sales prices in Edgemont are off significantly and reflect the correction seen in Scarsdale itself. The average sales price of the first quarter tumbled 42% from the previous year. Since prices didn’t adjust downward from Q1 2007 to Q1 2008, its as if Edgemont experienced in one year the same reduction that took place in Scarsdale over two years. The average sales price fell from $1,449k in 2008 to $840k in 2009. Sales volume tumbled in the first quarter by 50% – although given the small volume of both 2008 – 2009 it is difficult to draw conclusions. Sales volume is down 81% Q1 of 2007 as can be seen in the third chart at the bottom of the page.

The current active inventory is 57 houses with homes selling at about a rate of one a month in the first quarter. At this time, the market is picking up with 8 contingent contracts and pending sales. If six of these lead to a closing within 60 days that would leave an overhanging inventory of about 19 months.

An Important Note About the Criteria for the Statistics:
I handle each type of housing in Scarsdale differently. I also include a special section for single family homes in “Edgemont” which is really in the town of Greenburgh with a Scarsdale post-office and zip code.
For condominiums and cooperatives, I use the Scarsdale post office and zip code as my criteria. Many of these complexes are actually located in Greenburgh and Eastchester.

This reflects the way most buyer’s shop for housing. Coop and condo buyers work by address whereas those looking for single-family homes are often shopping municipality and school districts.

Further Reading:

White Plains NY – Housing and Market Statistics for First Quarter 2009.

Hartsdale NY – Housing and Market Statistics for First Quarter 2009.

Scarsdale NY – Housing and Market Statistics for Fourth Quarter 2008.

What the Heck is Going On with the Crazy Westchester NY Housing Market? Taking a look back in order to move ahead.

© 2009 Ruthmarie Hicks http://thewestchesterview.com – All rights reserved.

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.

Scarsdale Single-Family Homes:

Scarsdale single family homes showed a marked price decrease over the previous year – down over 21% when compared to the 4th quarter of 2007. The average price for a single family home was $1,405,000. Down from $1,788,000 in the previous year. Its a precipitous drop from even the third quarter of near 20%. Roughly 8% of that change can be ascribed to seasonal pricing differences, but its still quite a swing downward. Volume was off as well – a full 47% from the previous year. Buyers have plenty to choose from as there is over 15 months of inventory currently on the market.

These statistics reflect housing conditions in the municipality and school district of Scarsdale.

Edgemont Single-Family Homes:

Edgemont is not really part of Scrasdale at all, But it has the Scarsdale zip code as well as postal address. Buyers don’t always realize that Edgemont is really part of Greenburgh. So I thought I would include Edgemont single family homes as well.

Although the average price of a single family home was up 6% in Edgemont over the previous year toping off at $1,345,000 – the market reflects some of the same weakness seen in the Scarsdale market. Volume is down 23% from the 4th quarter of the previous year. A mere 6 homes sold in the 4th quarter, leaving a 20 month inventory should the trend of slow sales continue.

Further Reading:

Scarsdale, NY – Housing & Market Statistics for 3rd Quarter 2008

White Plains NY – Housing and Market Statistics for Fourth Quarter 2008

Hartsdale NY – Housing and Market Statistics for Fourth Quarter 2008

What the Heck is Going On with the Crazy Westchester NY Housing Market?

© 2009 http://thewestchesterview.com All rights reserved.

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.