Larchmont NY has long been a popular destination for buyers of single family homes, but Larchmont is also a popular location for those looking for condos or cooperatives. A cluster of these condos and cooperatives are located in a prime location within one to two blocks of Metro-North in the Larchmont P.O.
The Stonecrest, located at 21 North Chatsworth Ave Larchmont is a luxury cooperative in a doorman building – located roughly two blocks from the train station. The stately Pre-War Tudor complex boasts one of the finest locations in the area. The Roughly two blocks from the train station and a similar distance to shopping and fine dining, I am hard pressed to think of a more convenient loation. The address has a walk score of 92 out of 100 making it a walker’s paradise.
The units have high cove ceilings and spacious layouts. Most get a great deal of natural sunlight. Parquet hard-wood floors are also a marvelous benefit of living in an older complex. An interesting bit of trivia: Lou Gehrig and his wife called the Stonecrest his home until 1940.
The following charts below show the pricing history from 2005-2011. The sales volume in the complex is fairly low so statistically significant numbers are difficult to come by. I’m using 1 BR units for the statistics that are roughly 750 sf or larger for the charts because they have had far more consistent sales over the years.
The initial drop in prices occurred in 2007 when the housing peak slowed down. Prices went down about 18% from roughly $322,000 to $264,000. Prices reached an equilibrium that lasted almost four years to the end of the tax credit. When the tax credit ended, the market for coops generally ground to nearly a halt. When sales picked up again, the knife had finally fallen on values. This final drop appears to be about 33% and a median price of $175k.
For 2 BR units it is less clear because there are gaps where no sales occurred and there are several years in which unusually large units were the only units sold. The pattern was difficult to work with and not statistically significant so there is no chart. For “average” 2 BR unit from 1100-1200 sf the price drop also took place in two bites. There was an initial 12% drop from about $384,000 to $335,000. Now the median price for that size unit is about $257,000 for about a 23% drop. The numbers here are smaller, so reading too much into these numbers would not be wise. A great deal has to do with layout and overall condition.
In general, the major fall in prices occurred somewhat later than in surrounding areas. This reflects the allover sturdiness of this market. The area is sought after and the result is that it is one of the last areas to take a big fall. It stands to reason that it will be one of the first to recover. At this point, although the decline looks absolutely sickening, it represents a terrific buying opportunity. Buyers should be grabbing onto these bargains with both arms if they have the means to buy at this time.
For more information about this complex, go to my web page – The Stoncrest.
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