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 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.
A big draw for buyers is the fact that Scarsdale Manor is located just a stone’s throw from Metro North. 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.
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 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.
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 – https://thewestchesterview.com – All rights reserved.
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