When people think of real estate in Scarsdale NY they tend to think of single- family homes and high-end cooperatives with Old-World charm. Scarsdale Manor is one of the larger cooperative complexes on the famous Garth Road. The area reflects the mature elegance of Scarsdale Village and features many pre-war complexes that were converted into cooperatives in the 1980s. It is a mature community with very little space for new development.
Scarsdale Manor Complex:
Scarsdale Manor like many of the buildings surrounding it, is a pre-war complex which is reflected in the grace of the structure and the grace that the units inside convey. A 1 BR unit can range in size from 725 – 950 sf while 2 BR units range from 900-1250 sf. Many of the 1 BR units are sold as Jr.4’s when they have a separate dining area. Many of these units have been renovated from top to bottom allowing buyers to enjoy the best of the old as well as the new. And speaking of modern amenities, the complex is wired for FIOS, Cablevision and Direct TV.
Local Amenities in Scarsdale NY:
A big draw for buyers is the fact that Scarsdale Manor is located just a stone’s throw from Metro North. It is about a 10 minute walk to the platform and then a 29 minute ride by express train to Manhattan. Quite literally a commuter’s dream.
Another draw is that the neighborhood itself is considered to be highly walkable – WalkScore.com gave an address at Scarsdale Manor an 82 out of 100 – a score that is considered “very walkable.” For many errands, shopping and fine dining, it is easy to leave the car and simply walk. There are numerous Scarsdale restaurants within walking distance such favorites as Chat imported from the famous Larchmont Chat 19.
One nice feature is the presence of Garth Woods which provides a welcome escape for those who want a quiet walk. The area also provides easy access to the Bronx River Pathway a linear park that runs parallel to the Bronx River Parkway – and provides residents with walking and biking trails that extend into the Bronx and up to the Kensico Dam in Valhalla.
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.
The Eastchester school system serves the residents on Garth Road reflecting the fact that although the complex has a Scarsdale P.O., it is located in the municipality of Eastchester. The elementary school is Greenvale which received a score of 10 out of 10 on GreatSchools.org.
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© 2013 – Ruthmarie G. Hicks – https://thewestchesterview.com – All rights reserved.