Larchmont is a village and P.O. in the town of Mamaroneck. As such it is part of the Sound Shore portion of lower Westchester, hugging the Long Island Sound on its eastern point.
The Larchmont market, like other markets along the Sound Shore, is an appreciating market. It is one of the most popular destinations for those seeking to move to the suburbs from Manhattan or one of the other boroughs. The bulk of this market is the single family home market. There are several very popular cooperative complexes along with a brand new luxury condo complex (The Cambium) that has just started closing their first sales at a good clip.
Single family homes are always in demand in Larchmont. Many are situated in such around the train and town to be truly walkable. This is a great plus for families moving up from the city and seeking a walkable neighborhood. It has one of those rare perks that few suburban areas offer: true walkability. Residents can also enjoy the sound shore because the water is not far away. Manor Park has wonderful vistas of the Long Island Sound and many residents congregate and walk the park, relax on the benches and enjoy the space. Fine dining and shopping are often just around the corner or a very short walk away.
Prices have risen steadily since the market bottomed after the 2008. Its hard to keep a truly great market down and if you wanted to pick up a bargain, you would have had a razor thin margin right after the correction in which to do so. As you can see from the chart below, housing prices are on the rise.
In fact, the desirability of the area has led to developer interest in the area. Too much interest for the taste of many as a recent moratorium on new home development has been put in place in order to give the village a breather and let policy makers catch up with the issue.
One can note that sales volume is down somewhat and this might well be a supply issue. If the inventory isn’t there, people can’t buy and this explains the interest in razing older homes on large lots and replacing them 2-4 homes on the same space.
The condo and co-op markets are both relatively small when compared to the single family home markets. Nailing down pricing becomes more of a challenge because normal variation comes into play a great deal more when there is a smaller market. Below are the general stats for both markets. Median prices seem a bit all over the map and even going down in the co-op market with large shifts in the condo market. In cases like this drilling down to individual complexes gives a better picture of the overall market. You then get to compare apples to apples and come up with a real trend.
The market is a rising one and limited inventory means that co-ops and condos sell at good clip. Lower sales volumes have to do with limited supply, not demand.
As to the newly constructed condo, the Cambium, sales started to close early this year. The median sales price for a 2 BR unit of about 1400 sf with 2 baths, is a bit north of $826,000.
Larchmont is a thriving community with a great deal to offer. The market is appreciating at a robust pace and the moratorium on new construction is something that will be watched as it could put further limits on the supply of homes. But I don’t necessarily think the moratorium is a bad thing. Sometimes when things start changing too quickly, it is good to take a breather and examine the potential impact. The one thing about building is that you can’t “un-build” it once it has been constructed.
© 2016 – Ruthmarie G. Hicks – https://thewestchesterview.com – All rights reserved.
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