Often when buyers are first looking at Westchester coops and condos, they make a beeline to condo/coop hotspots like White Plains without giving a passing glance at some of the towns and villages in the surrounding areas. But often after looking for a while they realize that these towns and villages give them more of what they are looking for in terms of ambiance and convenience.
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 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 some genuine good news though. 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 (prices and volume are up to the end of June). Sales volume is up substantially . With 9 units sold, the first half of the year has basically absorbed the inventory overhang.
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 $260,000. This pricing does not include the over-sized 2 BR units that are over 1400 sf and larger. 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.
For more information about the Stonecrest click here for the webpage.
© 2012 Ruthmarie G. Hicks – https://thewestchesterview.com – All rights reserved.
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