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:

This was a very good year for real estate Scarsdale NY if you were selling a single family home.  Median sales prices were $1,235,000 – up 23.5% over Q3 of the previous year.  That price increase was  in part due to the fact larger homes requiring jumbo loans started selling again.  Overall sales volume was up 44% with 91 homes closing escrow.   The current inventory of 112 homes is a little less than four months if you look at closed sales. However, contracts and pendings indicate  a 10 month inventory.  But this reflects the highly seasonal nature of that market.

Edgemont NY Single Family Homes (Scarsdale P.O.)

I include Edgemont in this group because many buyers don’t make a distinction between Edgemont and Scarsdale since Edgemont (in the town of Greenburgh)  has a Scarsdale P.O.  and zip code.

Prices in Edgemont made a similar move up in price with sales prices up 36.6%  over the previous year to a median price of $1,195,000.  Sales volume was similar to the previous year and with 34 active listings, there is a 5.6 or 4.1 month inventory on the market depending on whether you look at closed sales or current contracts.

Scarsdale NY Condos:

As previously stated, the sales volume was too low for any conclusions to be drawn. But the over 55 community at Christie Place has created a market where only a minimal market existed before. It will be interesting to see how this market develops in the future.

Scarsdale NY – Coops:

Price-wise the median sales  price for coops rose 21.3%.  But  a closer look at the numbers shows a more modest 3.5% price increase which is probably insignificant.  Call it flat.  In 2009 1 BR units dominated the sales roster – while in 2010 it was 2 BR units.  What is of concern is not the final sales price, but the high inventory in light of sales that were flat from the previous year – which was a slow year by any standards.  The fact that demand hasn’t picked up combined with a 9-12 month inventory overhang indicates a buyers market is still in full force.  This reflects weak demand for coops across the board. Although this market has held up better than most.

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 Market Statistics – First Quarter 2010

Scarsdale NY Housing Market Statistics – Fourth Quarter 2009:

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

Scarsdale Coops – Pet-Friendly Scarsdale Country Estates

Scarsdale Manor Cooperative – Garth Road -Scarsdale NY

The Chauteaux Cooperative – Scarsdale NY

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

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.

Cooperatives – Scarsdale NY

Cooperative sales prices remained flat in 2010 when compared with Q2 2009.  This reflects the very soft market for Westchester coops seen throughout the county.  Indeed, the Scarsdale market – including Garth Rd in the Scarsdale P.O.  has done far better than similar areas with an easy commute such as White Plains and Larchmont.  Median Sales price was $210,000.  The price range was wide from $95,000 for a small studio to $690,000 for a 3 BR coop in the village of Scarsdale steps from the train.

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 Market Statistics – First Quarter 2010

Scarsdale NY Housing Market Statistics – Fourth Quarter 2009:

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

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

Scarsdale Coops – Pet-Friendly Scarsdale Country Estates

Scarsdale Manor Cooperative – Garth Road -Scarsdale NY

The Chauteaux Cooperative – Scarsdale NY

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

Scarsdale NY Single Family Homes  – Scarsdale Schools

The average price for Scarsdale homes for sale – saw an average price increase of about 14% to $1,437,000.  Although prices had not truly increased in such a dramatic way.  It points to health in the market because is shows that higher end homes are actually closing.  The banking crisis kept the larger homes out of the market place in Q1 of 2009.  So this increase reflects a broadening of the viable market and not a true price increase.  The price range of solds was far broader in 2010 than in Q1 of 2009.  Prices ranged from $558,000 to $3,625,000.

Looking at sold listings, the inventory on the market is considerable  over 15 months.  However, if you look at contracts and pendings – the picture is brighter with a little more than five months of inventory.  But that assumes that everything under contract will sell. The truth lies somewhere in between. This is still a buyer’s market – but it is definitely not a fire sale.

Edgemont Single Family Homes – Edgemont Schools – Scarsdale P.O.:

Average housing prices increased in Edgemont as did sales volume which was up 200%.  The average sales price at the end of the first quarter was $1,608,000 – up from $840,000 at the end of Q1 in 2009.  Interestingly, the price of lower end homes was static, but the price increase reflects the fact that higher end homes are now selling again.  For example the highest priced home that sold in Q1 of 2009 was $1.1 million. But in Q1 in 2010 the highest priced closing was $4.2 million.   So prices haven’t risen dramatically – but the price range closed sales has increased dramatically.   There is still considerable inventory on the market – so this is still very much a buyer’s market.  With respect to closed sales in Q1 there is a 15 month inventory.  But there are many contracts and pendings in the pipeline. If you use that as your benchmark – the inventory is a little over six months.

Scarsdale NY Cooperatives:

Cooperatives in Scarsdale – including Garth Road with a Scarsdale P.O. – showed moderate gains in prices – up 3.8% over Q1 in 2009.  The average sales price in Q1 of 201 was $246,000.  Sales volume was static from the previous year and inventory vs. closings indicates that there is a 9.7 month supply of active listings  if you look at closed sales from Q1 2010.  Looking at contracts and pendings that goes down to 6.5 months.

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 Market Statistics – Fourth Quarter 2009:

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

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

Scarsdale Coops – Pet-Friendly Scarsdale Country Estates

Scarsdale Manor Cooperative – Garth Road -Scarsdale NY

The Chauteaux Cooperative – Scarsdale NY

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

The Chateaux 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.

Cooperatives:

The number of co-ops sold are  down 15% over the previous year.   This is a trend that has been seen in other parts of the county and reflects the difficulties in obtaining financing.   Currently there is a nearly 8 month inventory on the market. However, prices remain slightly higher than the previous year, (5.4%) indicating a market that is stabilizing.   There are some mixed signals here.  the inventory is still high however, the pricing is surprisingly robust.

Single Family  Homes – Scarsdale:

After a “pop” during the 2nd quarter prices have once again fallen and are down 27% over the 3rd quarter of 2008.   Swollen inventories are going down.  Right now inventories are approaching th 6 month mark.

Single Family  Homes Edgemont -

Edgemont shares ad PO with Scarsdale, but it is actually is in the town Greenbburgh.  Sales have picked up in the area leaving inventories low at about 4.4 months.

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.

Additional Reading:

Housing and Market Statistics for Scarsdale NY – Second Quarter 2009

Scarsdale NY – Housing and Market Statistics for First Quarter 2009

Scarsdale NY – Housing and Market Reports for 4th Quarter 2008

© 2009 Ruthmarie G. Hicks http://thewestchesterview.com. All rights reserved.