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