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.

The Chateaux – Recent Pricing  & Sales History:

The Chateaux is a smaller complex so statistical data is difficult to relay reliably.  Recent sales in 2009 reflect the fact that there is a wide variance in price between units that have been completely renovated and units that have just been updated.   A truly extraordinary down to the studs renovation can command a high price in this complex.

1 BR units ran the gamut between $220,000-$327,500 for 2009  Differences in location and floor number (since this is walk-up) square footage,  as well as the overall condition played a role in the relative pricing.

The same disparity in prices was seen in the 2 BR units where the range was between $390,000 and $595,000.  Once again – location within the complex, floor number, square footage – and most of all condition all played a role in the final sales price.

The Cost of Living at the Chateaux  in Scarsdale NY:

As in all cooperatives, the monthly fees reflect both property taxes and monthly maintenance.  Roughly 51% of the fees are taxes which are deductible.  The fees vary within a range depending on the number of shares attached to each unit.  Currently, monthly fees for 1 BR units fall in a range of slightly above $900- $976 per month. For 2 BR units the range is running from about $1325-$1360  per month.  These are rough numbers and vary from unit to unit.

Local Amenities  in Scarsdale NY:

A big draw for buyers is the fact that the Chateaux is directly across the street from Metro North. Click here for a Metro-North Timetable.  Less than five minutes and you are on the platform. An express train takes 29 minutes.  This is so convenient that it certainly rivals Brooklyn and even some locations in Manhattan in terms of the commute.

Another draw is that the neighborhood itself is considered to be highly walkable – WalkScore.com gave an address at next to Chauteaux Circle  an 85 out of 100 – a score that is considered “very walkable.”  For many errands, shopping and fine dining, it is easy to leave the car and simply walk.  There are numerous Scarsdale restaurants within walking distance including Sakura on Garth Rd and perhaps Chat imported from the famous Larchmont Chat 19. There is also the world famous Zachy’s withe widest selection of fine wine imaginable.  Of course Zachy’s – with its world famous selection of wine is just around the corner.

The area also provides easy access to the Bronx River Pathway - a linear park that runs parallel to the Bronx River Parkway – and provides residents with walking and biking trails that extend into the Bronx and up to the Kensico Dam in Valhalla.  For those who wish to travel further afield, the Bronx River Parkway is easily accessed and White Plains is just minutes away.

Scarsdale Schools:

Located in the Village of Scarsdale,  the school system serving the residents is the Scarsdale School system.  The elementary school serving the Chauteaux is the Fox Meadow School which receives a rare score of 9 out of 10 from Great Schools.

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.

Local Amenities  in Scarsdale NY:

A big draw for buyers is the fact that Scarsdale Manor is located just a stone’s throw from Metro North. (Click here for a metro-north timetable) It is about a 10 minute walk to the platform and then a 29 minute ride by express train to Manhattan.  Quite literally a commuter’s dream.

Another draw is that the neighborhood itself is considered to be highly walkable – WalkScore.com gave an address at Scarsdale Manor an 82 out of 100 – a score that is considered “very walkable.”  For many errands, shopping and fine dining, it is easy to leave the car and simply walk.  There are numerous Scarsdale restaurants within walking distance including Sakura on Garth Rd and perhaps Chat imported from the famous Larchmont Chat 19.

One nice feature is the presence of Garth Woods which provides a welcome escape for those who want a quiet walk.  The area also provides easy access to the Bronx River Pathway-  a linear park that runs parallel to the Bronx River Parkway – and provides residents with walking and biking trails that extend into the Bronx and up to the Kensico Dam in Valhalla.

Scarsdale Manor Pricing and Sales Volume History:

In spite of the challenging market Scarsdale Manor – like many of the Garth Road cooperatives has fared very well during this housing crisis.  After the crash of 2008 housing prices throughout the area took a dive.  Many areas slid nearly 20% in value. Median sales prices for 1 BR units in Scarsdale Manor show a correction of 7.9% in 2009 when compared with 2008.  2 BR units fared better with a drop in price of about 2.3%

The first quarter sales of 2010 are a mixed bag.  One stunningly renovated 2 BR/2 BA unit sold for a premium price (over $350k)  possibly skewing the data upwards.  Sales volume was quite low but the other two reported sales indicate continuing weakness and perhaps an overall price drop.   The other two units that sold were well below the medain prices of 2009.

Sales volume has remained fairly robust though sales of 2 BR units has increased while 1 BR unit sales have taken a dip.  Volume was low during the first quarter of 2010 but it is too soon to see if that trend will continue.

The Cost of Living at Scarsdale Manor:

The complex is very well maintained, yet it remains a relative bargain with respect to maintenance costs.  The fees are naturally related to the number of shares held by each owner.  This number varies from unit to unit. However without STAR maintenance fees can run slightly over $900 to roughly $1000 per month for some 2 BR units and I’ve seen fees as low as $727 on smaller 1 BR units.  50% of that fee represents property taxes for which the STAR deduction is about $120 per month.  The fact that heating and electricity are included, makes this a very reasonable package.

Eastchester Schools:

The Eastchester school system serves the residents on Garth Road  reflecting  the fact that although the complex has a Scarsdale P.O., it is located in the municipality of Eastchester.   The elementary school is Greenvale which received a score of 10 out of 10 on GreatSchools.org.

© 2010 – Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

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.

Being located directly off of Central Ave., these units offer easy access to the Express Bus to Manhattan as well as Shuttle service to the Scarsdale Train Station.  Their location is definitely convenient many forms of shopping and within just of few minutes of the hustle, bustle, shopping and entertainment that downtown White Plains, NY and the City Center has to offer.

Cost of Living:

The units themselves are generously sized with loads of charm. 750-900 sq.ft. is customary for  a 1 BR or Jr. 4 while 1250-1350 sq. ft. is the norm for a 2 BR. Many of the ground floor units offer private entrances complete with private patios and are very appealing for people who have pets or for those who just enjoy being outdoors in warmer weather.  Parking is available but unassigned and storage is available.

There are several units under contract and in pending at this time. Although the final sales price is not known, the average sales price is about $178,000 for a 1 BR/1BA unit with units having a private patio having a correspondingly higher price.  The average maintenance is $731 a month without STAR savings.  Using a 30-year 5.5% loan and a 20% down payment as a basis, the outlay for such a unit after calculating standard tax deductions would be about $1250/month – more than  competitive with rentals in the area.  2 BR units are selling for about $277,000 with maintenance fees running $1050/month.  The outlay is correspondingly higher at about $1920/month but still very competitive with  rentals.

Pet Friendly Status:

One dog is allowed.  The dog can be any size or breed but must pass the board.

© 2010 Ruthmarie G. Hicks.  http://thewestchesterview.com. All rights reserved.

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.

Scarsdale NY Condominiums:

Although Scarsdale is known for its find cooperatives particularly those along Garth Road (Eastchester municipality)  near the village and train station.  However, condominiums are few and far between. There were no sales of condos recorded on the MLS for Q4 2009.  Christie Place will set the standard for condo sales in the future.

Scarsdale NY Single Family Homes:

Scarsdale homes had a very good quarter. Prices were up 24.1% over Q4 of the previous year.  Inventories are down, but not out.  A 6.7 month inventory is consistent with continued depreciation but in the single digits.  Nevertheless, demand is way up from the near stand-still of Q4 2008 with sales volume being up 95% over the previous year.

Edgemont Single Family Homes (Scarsdale PO):

Prices were still down in Edgemont over the previous.  Down 18.2% from the previous year. This drop is closer to what was seen in White Plains and Hartsdale during Q4.  Sales volume was up 33% but with a 9.7 month inventory, prices are probably still falling.

An Important Note About the Criteria for the Statistics:

I handle each type of housing in Scarsdale differently. I also include a special section for single family homes in “Edgemont” which is really in the town of Greenburgh with a Scarsdale post-office and zip code.
For condominiums and cooperatives, I use the Scarsdale post office and zip code as my criteria. Many of these complexes are actually located in Greenburgh and Eastchester.

This reflects the way most buyer’s shop for housing. Coop and condo buyers work by address whereas those looking for single-family homes are often shopping municipality and school districts.

Further Reading:

Scarsdale NY – Housing and Market Statistics for Third Quarter 2009.

Housing and Market Statistics for Scarsdale NY – Second Quarter 2009.

© 2010 Ruthmarie G. Hicks, http://thewestchesterview.com.  All rights reserved.