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.
1 BR Units:
So far – as of September of 2010 – there have been five sales of 1 BR units with a median sales price of $187,500. The price range went from $167,500 and $215,000 with the high end representing a fully renovated 850 sf unit with new kitchen and bath. The median price has gone down significantly when compared with the same period during 2009. From Jan- Sept 2009 the median price was $200,000 – down over 6%. Sales volume was the same.
2 BR Units:
For 2 BR units there have been four sales with a median price of $308,000. The price range was from $285, 000 for an 1100 sf unit in good condition with upgrades and $352,250 for a very large 2 BR with 2 BA with many high-end upgrades.
This was a slight increase in the median price of $292,000 from the same period during the previous year. Sales volume was slightly higher with 5 units sold during that time.
Inventory & General Market:
Currently there are 6 units on the market – five of which are 1 BR/1BA and there is one unit under contract. This creates a six month overhang of inventory which is a fairly neutral market.
In general – Garth Road currently has 56 active listings with 7 units either under contract or pending. 28 units have sold in the last six months. If you look at current contracts and pendings that indicates a 16 month supply and a 12 month supply if you look at solds over the past six months. Since the tax credit may have been a factor in sales during the earlier part of the year – this suggests a inventory of over 12 months. Scarsdale Manor is certainly one of the most desirable complexes on Garth Road – but the overall inventory in the area and the fact that inventories of coops are high in analogous areas such as White Plains, Hartsdale, Larchmont and Mamaroneck indicates that this is still something of a bear market.
© 2010 – Ruthmarie G. Hicks – https://theWestchesterView.com – All rights reserved.
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