The cooperatives on Garth Road in the Scarsdale PO are a very popular destination for first time home buyers and those who are scaling back from a home. Among Westchester coops, the Garth Road location is one of the best known and most sought after. This is not without good reason. The location is fairly close to perfect for commuters and those who prefer to leave the car behind and walk to town.
Although Garth road bears the ever popular Scarsdale PO, the coops on Garth Road are located in the municipality of Eastchester. But for all practical purposes, the location is is just like living in the Village of Scarsdale. Just 30 minutes from Grand Central Station – the location is ideal for commuters. For most residents, the train is less than a 10 minute stroll away. The village of Scarsdale is equally convenient. Leaving the car behind is easy in such a prime location – easier in fact than for many people who actually reside in the town of Scarsdale.
Like most cooperatives, the bulk of these complexes -particularly those close to the train and town are prewar buildings with a great deal of character.
Cooperative complexes across the county have undergone a major market correction over the past few years.
The charts below show an overall decline of of roughly 20% for both 1 BR and 2 BR units over the past six years. Median prices for 1 BR units have fallen from $214,000 to $171,000 since 2006. For 2 BR units the price drop has been from a median sales price of $344,000 in 2006 to $273,000 in 2011. Although sales volume is well off from the peak of the market, it is healthier than some other areas and the decline has leveled off – and at these prices, it is likely that demand will increase significantly in 2012. Certainly it is far cheaper to purchase a cooperative than it is to rent anything comparable. So this will drive buyers into the market in the near future.
Right now, buyers should consider these complexes to be “on sale” and be ready to take advantage of what this market has to offer. Waiting for the 35-40% off sale that may never happen, may prevent you from taking advantage of the 20% off sale. Sellers need to be realistic. It is no longer 2005-2006 and it could be a long time before we see those prices again.
© 2011 – Ruthmarie G. Hicks – https://thewestchesterview.com – All rights reserved.
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