Market Overheats in Scarsdale
- Real Estate
- Published on Thursday, 09 May 2013 12:01
The experts concur – it's a banner year for home sales in Scarsdale. We checked in with three local agencies for their observations on the Spring market and here is what they had to say:
"This is the strongest real estate market I have seen in Westchester since 2006. Bidding wars have been commonplace, driven by low interest rates and a lack of inventory."
This spring is an exceptional time to sell real estate in Scarsdale/Edgemont and surrounding communities. In addition the national real estate market is also showing strong growth. The combination of lack of inventory, an improving economy and historically low interest rates has brought out large numbers of purchasers, which in turn bring multiple offers, many over the asking price and with excellent terms. As always, lower Westchester with its convenient location leads the market.
Looking out the rear view mirror at sold properties in Scarsdale, we see an up-tick of 9.3% year-to-date (from 43 last year at this date, to 47 this year). And an increase of 11.7% year over year from May 6, 2012 (206 sold) to May 6, 2013 (230 sold). The median sale price stands at $1.246M year to date, compared to $1.285 last year at this time. (a 3% drop, statistically not very significant). The good news is prices remain relatively stable and sales are moving forward at a healthy pace.
Peering out the windshield at pending business, we can see a very healthy ratio of active listings to pending deals. The 112 currently active listings (a 19% decrease compared to 2012 at this time) is well balanced by 82 deals in contract, compared to 76 last year – nearly 8% more. Decreased inventory across the region has fueled higher prices as more buyers compete for fewer homes. This phenomenon has led to some highly competitive bidding and sale prices exceeding expectations, most evidenced in the $700,000-1,500,000 price range. Rates are low, consumer confidence is strong, and we are currently on pace to record more sales this year in the village than in a decade.
18 Split Tree Road: (Pictured above) A prestigious Quaker Ridge colonial. The home features 5 bedrooms and 4.5 baths. The newly constructed home also boasts an open floor plan, large level backyard with room for a pool, 2 story entry, and .46 acres of property.
Real Estate Taxes: TBD
32 Sage Terrace: Sunny Greenacres Colonial. Set on .44 acres, the home features a large deck overlooking an even larger flat backyard. There are 6 bedrooms, 3.5 baths and a 3-car garage.
Sale Price: $1,700,000
Real Estate Taxes: $26,960
73 Brewster Road: Stately Fox Meadow Tudor features gracious rooms, hardwood floors, over-sized sunken living room with charming alcoves (one with wet bar), and leaded windows with stained glass detail. Five bedrooms, 4.5 baths, plus a billiard room. Situated on .3 acre lot.
Sale Price: $1,457,000
Real Estate Taxes: $34,596
107 Brambach Road, Scarsdale,
Move right in. Bright and sunny 2002 Colonial. Incredible location, walk to Scarsdale train station and Village shopping, bus to Elementary School and Middle School. Great layout and floor plan, entrance hall, powder room, living room, formal dining room, large dine-in-kitchen, family room with fireplace, door to patio and yard. Second Floor master bedroom with 2 closets and bath, plus 3 additional bedrooms and a hall bath. Lower level playroom and laundry, 2 Car Garage, 2 zone heat and air, hardwood floors throughout. Click here to learn more.
7 Bethel Road, Scarsdale
Incredible location in the heart of Murray Hill. This 1921 Colonial is situated on a dead end street on 1.2 glorious acres. Wonderful Setting with great sun exposure throughout the house and property. Open and spacious layout with entrance foyer, living room with fireplace, large dining room, sun porch, family room, modern dine-in-kitchen with butler's pantry, mudroom, laundry room, backstairs to guest room with bath, Master bedroom with updated bath, three additional bedrooms and hall bath. Close to High School, train and village. Click here to learn more.
21 Barclay Road, Edgemont
Appealing, light filled Colonial with lovely detail and wonderful space. Gorgeous curb appeal and a location convenient to schools and the Scarsdale train station make this home an irresistible package. Classic living, dining and family rooms, updated dine-in-kitchen with new appliances grace the first floor. There are 4 bedrooms and 2 baths on the 2nd floor. Finished basement playroom and a great deck. New roof and furnace. Desirable street in Old Edgemont. Click here to learn more.
List Price: $1,199,000
15 Kolbert Drive Scarsdale
Beautiful custom stone and shingle Colonial renovated with the finest material and craftsmanship. Magnificent gourmet kitchen with state of the art appliances, walk out play room and gym, walk-in cedar closet in Bessler attic. Gorgeous landscaping, masonry, stonework, screened in porch, patio and so much more. Situated on .49 private acres backing Winged Foot Country Club. Room for a pool. Move right in. Click here to learn more
List Price: $2,525,000