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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Real estate in Scarsdale NY has a remarkably sparse number of cooperatives located within the Scarsdale municipality. The famous Garth Road cooperatives – though conveniently located with resepect to Metro-North and village shopping, are not truly in the Village of Scarsdale. If you are looking a cooperative that is located in the Village of Scarsdale with easy access to the train station as well as shops and Scarsdale restaurants, then the Chateaux of Scarsdale is one complex that fits the bill. The location couldn’t be better for the commuter - you can even grab a quick morning drink at Starbucks on your way to the train platform.
The Chauteaux in Scarsdale NY:
The Chauteaux is an elegant pre-war garden complex located just off of East Parkway on Chauteaux Circle. Mature growth gives and the unique garden-style buildings a tremendous amount of grace. The setting is peaceful in spite of being in the middle of the village. And you can’t ask for a better location. You can easily leave the car for day to day errands. Shops are just around the corner, dining out is just steps away.
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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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The Scarsdale market began its correction towards the end of 2007. Scarsdale homes went down substantially in value through 2008. In spite of the financial meltdown at the end of 2008, the Scarsdale market has actually been firming up over the past year. Although this has not been smooth ride, there are signs that the market is stabilizing – or at least depreciating at a slower rate. In many ways the Q4 data reflects the Q2 data where year over year home values had started to nudge up. In Q3 many of these gains were erased, but they were back in the 4th quarter.
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.
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