Market Update – Scarsdale Manor Cooperative of Garth Road – The Bull Market Returns….

Downtown White Plains NY- 1 Franklin Ave
Pet Friendly 1BR Coop for Sale at Franklin Manor in Downtown White Plains – 1 Franklin Ave. #3A offered at $175,000
April 27, 2013
For Sale in the Highlands – White Plains NY – 5BR/3BA Colonial – 152 Old Mamaroneck Rd.
July 1, 2013

Scarsdale ManorAfter years of bad news in the housing market, a corner has been turned.  The cooperative complex of Scarsdale Manor  on Garth Road in the Scarsdale PO is an example of such a turn around.   This popular pre-war cooperative complex suffered from the malaise with slow sales and decreasing prices.  Things are now leveling and we appear to be well on our way to healthy price increases.

Scarsdale Manor – Sales History:

The sales history at Scarsdale Manor reflects the general market on Garth Road in the Scarsdale PO.  Prices for both 1 and 2 BR units fell sharply during the crash and took another leg down when the $8000 tax credit expired in 2010.   However, we are now seeing signs of a sharp turnaround.  Both inventory levels, current contracts and pendings indicate a rather healthy sellers market.  During the recession, the area fared a great deal better than most areas. 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 charts below only include the CLOSED sales of 2013.  My analysis of Scarsdale Manor and Garth Road cooperatives includes current inventory and sales under contract. The current year is depicted in red.   This post is being written in May 2013. The average price of a 1BR unit currently under contract is $199,000.  There is only one 2BR unit currently under contract at this time, but its price point is well north of $300k.  The following factors indicate that we are back in sellers market territory.

  • The number of closed sales, contracts and pendings  indicates a sales volume that will be up sharply for the year. Possibly close to 2010 levels.
  • There appears to be about a 4 months of inventory on the market, making this a sellers market.
  • If current contracts and pendings sell within 5% of the current list price, you are looking at a 6% price hike over 2012.

 

Factors that influence sales prices also include condition.  More fixers have sold recently, indicating a  market where buyers are willing (or are being forced) to make compromises.  This pulls down the median price, but buyers should not be fooled into thinking its a buyers market.  It just means that things that wouldn’t sell before, can sell now.

Scardale Manor - Garth Road - 10583

 

Scarsdale Manor - Garth Road - 10583

 

Scarsdale Manor - Garth Road - 10583

 

For the latest  listing and sale information on Scarsdale Manor:

© 2013 – Ruthmarie G. Hicks – https://thewestchesterview.com – All rights reserved.

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