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 »
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.
