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.
The area couldn’t be more convenient. It is highly walkable, you can leave the car behind for most of your day-to-day errands. A 10 minute stroll puts you on a Metro-North Train to NYC. The trip to Grand Central station in midtown is a mere 29 minutes by express.
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 when they have a separate dining area. 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.
The sales history at Scarsdale Manor reflects the general market on Garth Road in the Scarsdale PO. Prices for 1 BR units are down about 18% from the peak while 2 BR units are down about 16% from the peak prices As of the end of 2011, the median price for a 1 BR unit in Scarsdale Manor is about $180,000 while the median price for a 2BR unit was $270,000. Thats down from a peak of $220,000 and $320,00 respectively. The area has held up relatively well when compared with other municipalities. The proximity to NYC as well as the walkability of the area contributes to the ability of the complex to sustain these price points. The lower volume over the past year may indicate that prices that are still declining – but for most part, the air appears to be out of this market and buyers would do well to take advantage of a near 20% price drop along with the very low interest rates that are now available. By doing so it is easy to “lock-in” a low cost of living that if interest rates rise, we won’t be seeing again.
The charts below show the median prices before (in red) and after (in green) the market crash of 2008. The market for 2 BR units responded more strongly to the tax credit with an uptick in prices for 2010 – only to have the gains erased in 2011. The sales volume is of slight concern. This often indicates that the market is still declining. Sellers certainly need to be realistic in their pricing.
© 2011 – Ruthmarie G. Hicks – https://thewestchesterview.com – All rights reserved.
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