Some parts of Westchester NY are already recovering. In areas such as Scarsdale and Larchmont, we saw our fair share of competitive bidding this year. This breath of fresh air was restricted to single-family homes in specific municipalities. Prices in these areas are well off their lows in spite of continuing declines elsewhere.
The real estate industry is something of a black box to consumers. Agents hype their marketing in order to win listings. Consumers often buy into the hype because on the surface, it makes sense. However, if you dig a little deeper, you might be surprised to see what actually rocks and what flops.
Up to the end of 2010 there were some very sturdy markets that appeared to be immune to the gyrations of the housing recession. The Scarsdale Coop market was among them. But in 2011 this market, that had resisted a major correction, finally corrected
Prices for 1 BR units are down about 18% from the peak while 2 BR units are down about 16% from the peak prices As of the end of 2011, the median price for a 1 BR unit in Scarsdale Manor is about $180,000 while the median price for a 2BR unit was $270,000.
The Broadlawn has held up very well in spite of downward pressure on the coop market. Median sales prices are down 17% from their highs in 2006 of $348,000 for a 2 BR unit to a median price of $290,000 in 2011.