The Scarsdale NY housing market is always set somewhat apart from the body of Westchester NY. A market unto itself – it sets the trends for the rest. How homes for sale Scarsdale NY fair is often the bellwether for the rest of the market down the road. So, I was pleased to see that the real estate market of Scarsdale did very well in Q3 2010 – at least with respect to single family homes. The condo market, that I am including for the first time due to the sales at Christie Place – is too small to draw any major conclusions from – particularly since Christie Place represents a new price point for the area. But the coop market was mixed when compared to the previous year. Even the most desirable Garth Road has significant inventory. The divergence of these two markets is something that is being seen across the board and is not unique to Scarsdale.
Scarsdale NY Single Family Homes:
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The Scarsdale housing market is mirroring other markets with lower Westchester NY. Real Estate Scarsdale NY represents two separate markets. One that is improving and the other that is either declining or hold steady:
A Tale of Two Markets
Single family Homes for sale Scarsdale NY – are doing well. Volume is up, inventory is down and prices are higher over Q2 2009. Edgemont (which is part of the town of Greenburgh with a Scarsdale P.O. – confirms that pattern. Cooperatives reflect another market altogether. Although sales volume is up – prices are flat. Even units on the famous Garth Road are not moving rapidly.
Single Family Homes – Scarsdale NY & Edgemont NY
Prices of Scarsdale Homes for sale were up 16% from Q2 of the previous year. The median sales price was $1,295,000 with a range between $540,000 and $3,975,000. Sales volume was up 22% over the previous year with 44 homes sold in Q2. These numbers encompass all of the elementary school zones including Edgewood Scarsdale, Fox MeadowScarsdale, Quaker Ridge Scarsdale Heathcoate Scarsdale and Greenacres Scarsdale. Inventories are low with about 4.5 months of inventory on the market when you look at current contracts and pendings.
The Homes in Edgemont showed dramatic improvement in both pricing and sales volume. Sales prices are up 57% to $1,120,000. Sales volume is up over 300% with 19 homes sold in Q2 2010. Inventories are still on the high sit with about 7.5 months of overhang on the market.
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When people think of real estate in Scarsdale NY they tend to think of single- family homes and high-end cooperatives with Old-World charm. Scarsdale Manor is one of the larger cooperative complexes on the famous Garth Road. The area reflects the mature elegance of Scarsdale Village and features many pre-war complexes that were converted into cooperatives in the 1980s. It is a mature community with very little space for new development.
Scarsdale Manor Complex:
Scarsdale Manor like many of the buildings surrounding it, is a pre-war complex which is reflected in the grace of the structure and the grace that the units inside convey. A 1 BR unit can range in size from 725 – 950 sf while 2 BR units range from 900-1250 sf. Many of the 1 BR units are sold as Jr.4′s . To me this is a misnomer. The extra room is really dedicated dining area – or dining room – and not truly a dedicated area like a home office as the term implies. Many of these units have been renovated from top to bottom allowing buyers to enjoy the best of the old as well as the new. And speaking of modern amenities, the complex is wired for FIOS, Cablevision and Direct TV.
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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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