Archive for the 'Scarsdale' Category
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.
Read the rest of this entry »
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
Read the rest of this entry »
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.
Read the rest of this entry »
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.
Read the rest of this entry »
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.
Read the rest of this entry »
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.
Read the rest of this entry »
The statistics for housing in Scarsdale during the third quarter of 2008 reflect the emergence of a buyer’s market in our area. Prices in Scarsdale along with many of the surrounding communities have been quite resilient. For a while they seemed to be impervious to the downturn affecting much of the nation, but this is no longer the case.
Cooperatives:
As you can see from the charts below, Prices for cooperatives fell about 13.5% when compared to 3rd quarter stats from 2007. The price drop was about $35,000. The number of units sold dropped roughly 17% from 40 to 33. and the unsold inventory indicates a near six month supply of cooperatives in the area.
This is a buyer’s market. and the price drop is significant. It is probably a very good time for buyers to be on the hunt. An interesting twist to this data is that since the stock market crash in September, there has been a marked increase in the number of contracts showing up on the MLS. This indicates that sellers are being realistic and that buyers are taking advantage of reduced prices along with low interest rates.
Read the rest of this entry »
The Village of Scarsdale, NY 10583
The village of Scarsdale (which is also a town) is famous for its high end housing consisting of graceful Colonials and imposing Tudors from the pre-war period complete with ample manicured lawns. Some things never change. Scarsdale remains an exclusive and charming village, if anything it has become more exclusive over time and continues to cater to those who want (and can afford) the best of everything, including homes, schools and high-end shopping. Although Scarsdale has its share of high end shopping and fine dining, with a population of about 18,000, it has steered clear of the hustle and bustle that White Plains has encouraged and promoted. Scarsdale is a charming village with a quiet elegance and grace about it. It has the advantage of being just 30 minutes from Manhattan by train and ten minutes from the center of downtown White Plains by car.
Although Scarsdale is known for its single family homes, I am including cooperatives in my report. Some of these cooperatives share the Scarsdale post-office although their municipality is officially in neighboring Eastchester. This is particularly true of the cooperatives on Garth Road. The reason I include these in this market report is that they are inextricably linked to the village of Scarsdale being located within the village or just a short walk from the center of the village.
For single family homes, my report is restricted to the major neighborhoods within the municipality of Scarsdale
Although there are condominiums in Scarsdale, cooperatives dominate the scene. I did not include condos in this report as there were too few sales to make meaningful statistics.
Read the rest of this entry »
