Recently, I had two sales at the Stonecrest in Larchmont NY. The Stonecrest is an upscale cooperative in the heart of the Larchmont P.O. 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. The two block area encompassing North Chatsworth Ave, Jefferson St., Washington Square and Myrtle Blvd. The area is not technically in the village of Larchmont, but is rather part of the unincorporated portion of the town of Mamaroneck. The area is zoned for Murray Ave Elementary school.
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.
This location is conducive to the lifestyle that the village offers. Larchmont restaurants offer up a wide variety of cuisine for this bedroom community which seems to have a penchant for eating out. During the warmer months, outdoor eating is very popular. Residents often walk from the train to the local shops or to their favorite restaurant before heading home. If you live at the Stonecrest, you can easily leave the car behind for days at a time.
The entry and common spaces in the complex have a decidedly Tudor aesthetic complete with wood beams and stained glass windows. The units themselves 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.
There is a wait list for parking – and dogs are not allowed. Cats are permitted with board approval.
The charts below show the sales history at the Stonecrest between 2005 and 2011. Larger 1 BR units were used in the sample because sales were more consistant in terms of volume for 1 BR units.
An 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 in 2010. When the tax credit ended, the market for coops ground to nearly a halt. When sales picked up again, the knife really fell on values. This final drop appears to be about 33% in 2011 with a median price of $175k. With the drop in price, volume finally returned to the market with total sales volume reaching a low in 2009 and 2010 back to levels not seen since before the stock market crash of 2008.
There is more good news, since the beginning of 2012, the median sales price of a 1 BR unit has actually risen to $198,500 for the first half of the year (this is being written in mid-June 2012). Sales volume is up substantially . With 5 units sold and four pending sale, the first half of the year is on course to close about nine sales.
The market for 2 and 3 BR units, though more spotty, reflects the trajectory that 1 BR units underwent. Falling from a median of roughly $378,000 in 2007 to $257,000 in 2011, the drop has been roughly 32%. Sales of 2 BR units in 2012 have been in a narrow range with the median price of $238,000. This pricing does not include the over-sized 2 BR units that are over 1400 sf. The last such unit sold in 2009 for $512,000. Since they sell at a premium and are few and far between, one such unit can really skew the data – so those units were omitted from the general price deprecation data. 3 BR units are not sold frequently. One such unit did sell in 2011 for $630,000.
For buyers, this is an excellent opportunity. But with increased volume, the days of naming your own price are gone. Buyers need to be realistic because lowballing will not work. For sellers, it looks as if the long drop in prices is coming to an end. Certainly the stalemate where nothing sold is a thing of the past. If you are realistic with your pricing when you list, there is no reason why your unit can not sell for a competitive price.
©2012 – Ruthmarie G. Hicks – https://thewestchesterview.com – All rights reserved.
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