OK, I confess! I am a sucker for fall foliage and fall weather. This year has been a banner year for leaf peepers. Everywhere I go, I feel as if I am in the midst of a blazing fire show. In my previous post on the Rockefeller Preserve I displayed some photos from mid-October. These pictures from the Tarrytown lakes were taken later in the season – the first week of November. But what a display! The colors had deepened the yellows are morphing into a deeper more opaque gold and the reds are getting richer in color by the day. It really looks like Westchester County is on fire – a cool fire, because there is that wonderful fall snap in the air.
The Tarrytown Lakes provide a wonderful easy-going walking experience. Perfect for either biking or strolling or serious walking. The trail is about 1 mile long and the main portion is linear. Perfect for a nice two mile walk on a fall day. Dogs must be leashed and you must pick up after them.
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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.
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OK, I am digressing to my former life. I was a biology major in college and for many years pursued a career as a research scientist. I still teach at the undergraduate level as an adjunct professor. One of my favorite labs teaches students why leaves change color in the fall. When student’s crush green leaves into a solvent – and separate the pigments using a process called “paper chromatography” the different colored pigments separate out from the green chlorophyll – showing the wide array of color pigments that leaves possess. The pigments are there (carotenoids and anthrocyanins) even when the leaf is green, but you can’t see them because the amount of green chlorophyll simply overwhelms them.
As summer turns to fall, the days grow shorter and the chlorophyll starts to break down. This allows the other pigments in all their splendor to be revealed. Some years, the “show” is more vivid.
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The third quarter stats for Hartsdale mirrors the stats that I previously posted for White Plains in that a slow down and price drop in cooperatives and single family homes did not spread into the condo market.
Cooperatives:
The number of sales was down significantly from the previous year (33%.) This was reflected in lower prices with a 4% overall price drop observed. The drop in sales volume is significant and points to further weakness in this particular market. There is a five month supply of inventory, putting cooperatives firmly in buyer’s market territory. The average price for the third quarter of 2008 was $216,000.
Condominiums:
The average sales price of condos actually rose in value roughly 4.2% over the same period last year. The sales volume remains unchanged from the same period last year. The average price for a condo in Hartsdale during the third quarter of 2008 was $425,000 – up 4.2% from the previous year. There is only 3.8 months of inventory – indicating that the condo market remains relatively strong for sellers.
Westchester County is the ultimate Halloween community. After all, we have Sleepy Hollow! When people think of Sleepy Hollow, their thoughts usually turn to Washington Irving’s famous tale – The Legend of Sleepy Hollow. The story of Ichabod Crane being pursued relentlessly by a headless horseman has been a Halloween favorite since its publication nearly 200 years ago.
In that spirit, Historic Hudson Valley hosts Legend Weekend with both day and evening events at Philipsburg Manor in Sleepy Hollow. The Manor is a remarkable restoration that takes you back in time to about 1750, when the Manor was a farming, milling and trading center. Visitors are shown what life was like as they explore the grounds. The grounds border the location of the “Headless Horseman Bridge” where Ichabod Crane supposedly disappeared forever.
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Over the last year the generally sturdy markets of Westchester County have shown signs of softening in terms of price as well as volume. That trend continued in the the third quarter of 2008.
Cooperatives:
Sales prices of White Plains cooperatives were down roughly 5.7% over the previous year. Until recently, price points on cooperatives have been remarkably resistant to the housing correction that has been in progress in other parts of the nation. That appears to be changing and is bolstered by the significant decrease in sales volume over the previous year. The second chart shows that coop sales have decreased a whopping 32.5% over the previous year. Finally, the third chart reveals a 5.5 month inventory of active listings – placing coops in “buyer’s market” territory for the first time in many years. The price range for cooperatives was from $95,000 for a studio to $450,000 at the high end. The average price was $217,000.
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Fall is my favorite time of year. The air is crisp and clear, the humidity that dominates New York summers has abated, the leaves have put on their colorful coats of red, orange and gold and create a colorful show that “peepers” come from all over to witness.
One of my favorite haunts when the seasons change is a trip to Carlson’s. Carlson’s Floral & Gift is a family owned Greenhouse with Charlie Carlson and his daughter, Nancy Shellhas running the show. Nancy In addition to their wonderful selection of plantings for landscaping and the home, Nancy offers a marvelous selection of one-of-a-kind floral arrangements that are completely unique.
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Tarrytown and Sleepy Hollow river towns which are inextricably linked to each other through history and lore. Although Tarrytown is located in the town of Greenburgh while Sleepy Hollow is part of Mt. Pleasant, the two villages share a school system. Both Tarrytown an Sleepy Hollow have their own stops on the Hudson Line and are about 35-40 minutes from midtown Manhattan. Tarrytown used to be a very sleepy village, but it is developing a night life of its own and boasts the oldest Music Hall in the county which has seen some very top drawer performers in the recent past along with fine dining. Sleepy Hollow is home to the Headless Horseman Bridge, the Old Dutch Church and Cemetery and the famous Rockefeller Preserve. Sleepy Hollow and Tarrytown have discussed the benefits of merging the two villages although this would require secession from Mt. Pleasant on the part of Sleepy Hollow. In any case, these two villages are crammed with history, character and views providing a unique place to live that is a train ride and a world away from downtown Manhattan.
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Chatsworth Ave. Larchmont, NY
Larchmont is a small village located within the town of Mamaroneck. Larchmont is an elegant bedroom community with a combination of high-end cooperatives, a smattering of condominiums along with elegant single family homes in established neighborhoods from the pre-war era. As of the 2000 census, the Larchmont population was close to 6500. The train station is conveniently located such that many of the homes are within easy walking distance. The village itself sports lovely boutiques and fine dining. Larchmont is a very upscale community which all comes at a price.
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Magnificent to look at – but less than user friendly for the commuter. The Tappan Zee Bridge has been called the bane of the Rockland county commuter. Someone once referred to it as “a bridge too slow.” Whatever prose you choose to use (including profanity) it is clear that the current bridge – is not enough to service the commuters who rely on it adequately. For months, planners have been meeting behind closed doors discussing plans for renovation and expansion. This week the “grand plan” was released by the DOT and it includes a new bridge to be built next to the old bridge with an eye-popping $16 billion price tag. The services of the expanded bridge are impressive and include a rapid bus transit system that will utilize the I-287 with accompanying expansion and infrastructure changes. This is to provide a mass transit service that will permit effective public transportation from Rockland to business hubs in Westchester such as White Plains. The bridge construction is also being constructed to support a commuter rail system that will hook up with the Hudson Line of Metro-North in Tarrytown for an easier commute to midtown Manhattan for Rockland and Orange County residents. Many public meetings and hearings will probably cause the plan to be tweaked and changed. Construction is not set to begin until 2012.
OK, I confess! I am a sucker for fall foliage and fall weather. This year has been a banner year for leaf peepers. Everywhere I go, I feel as if I am in the midst of a blazing fire show. In my previous post on the Rockefeller Preserve I displayed some photos from mid-October. These pictures from the Tarrytown lakes were taken later in the season – the first week of November. But what a display! The colors had deepened the yellows are morphing into a deeper more opaque gold and the reds are getting richer in color by the day. It really looks like Westchester County is on fire – a cool fire, because there is that wonderful fall snap in the air.
