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Realtors React to Reval and this Week's Home Sales

59 Park RoadWith heads spinning over the revaluation, we asked two leading realtors in Scarsdale to give us their interpretation of what it will mean. Here is what we learned: Mark Nadler of Prudential Centennial said, "The results of the revaluation are causing dozens of people to contact tax reduction specialists, real estate brokers and the Village as these owners received significantly higher valuations which will lead to substantial tax increases. I have received one call from an owner concerned about the substantial reduction in their valuation and what it will do to their efforts to sell the house for a strong market value down the road. The suggestion from the Village seems to be to hire appraisers to come in and give an independent valuation. This is challenging because accurate appraisals are more difficult to accomplish in high-end markets. My suggestion is that owners contact a real estate broker they know and trust and have a market analysis done of their home so see whether the new value is actually over assessed instead of merely an increase. The "zero sum gain" that the Village keeps referencing does not address the inaccuracies of the valuations that were done."

Lewis Arlt of Houlihan Lawrence said, "It is certainly a subject of much conversation among homeowners. Of significance is the news that according to Tyler Technologies, 75% of properties either went down in assessed value or remained about the same. For the remainder, the good news is they now have an opportunity to review their new assessments between now and April 16, before they're posted on the tentative assessment roll. We will be closely monitoring the assessor's office for further updates. Historically, revaluations take some time to shake down and find their appropriate levels. And the process is still an ongoing one, with final assessments due out September 15."

21CarriageHouseLane21 Carriage House Lane: Country Club Living! A golfers dream, this elegant Quaker Ridge home backs up to Winged Foot Golf Club's 4th hole with magnificent views. Masterfully re-designed and fully renovated this home boasts a chef's kitchen with Wolf and Sub-Zero Appliances, gorgeous white marble counter tops and a huge center island. Open floor plan with family room off the kitchen, wet bar as well as a formal dining room, living room and den which complete the first floor. Master bedroom with a beautiful master bath, plus four bedrooms and hall bath.

Sale Price: $2,150,000
Real Estate Taxes: $44,930

17HearthstoneCircle17 Hearthstone Circle, Edgemont: Classic, custom built, five bedroom Colonial with a contemporary feel. Choice location in Edgemont. Chic and savvy decor. Perfectly situated property at end of tree lined street on cul de sac. Sunny, renovated eat-in kitchen with top of the line appliances. Sliding glass doors to large deck overlooking pool and lush, flat, tranquil property. Hardwood floors throughout.. Automatic pool cover heats pool and saves monthly pool expenses.

Sale Price: $1,550,000
Real Estate Taxes: $31,982

13Montgomery13 Montgomery Road: Set in a perfect location, tucked away at the end of a Cul de Sac next to a park, this impeccable Edgewood home offers every comfort imaginable. A fabulous great family room off the kitchen is wired for surround sound. Large Master suite with 2 walk-in closets, 3 roomy bedrooms, great spacious finished Basement, including office or au pair suite. Wonderful garden with large deck.

Sale Price: $1,520,000
Real Estate Taxes: $30,743

20RobinHillRoad20 Robin Hill Road, Edgemont: Lovely home with incredible light, space, layout and property. Conveniently located. Dramatic living room with cathedral ceiling and built-ins, French doors to large patio, separate dining room, updated kitchen with large family room. Master bedroom with marble bath. Five bedroom and five baths., 2 car garage, many new windows, gas Viking stove. Hardwood floors throughout.

Sale Price: $1,220,000
Real Estate Taxes: $31,128

288OldColonyRoad288 Old Colony Road, Edgemont: Designed and built for its architect's family. Open and inviting floor plan allows the serene outside in. Beautiful expansive lush lawn with mature trees. Upper level bedrooms offer balconies with fantastic views. Over 3,200 square feet of living space offers potential for further grade level expansion in lower level. A short walk to Edgemont school and Metro North train will make this home convenient for families. Modern kitchen and baths are among numerous updates.

Sale Price: $1,080,000
Real Estate Taxes: $29,688

Featured Listings:

prucentlogoa21 Hutchinson Avenue, Scarsdale
New to Market: Room to Grow...Backyard BBQs...Pool 21 HutchinsonParties...Expanded Ranch on level property with circular driveway. This home boasts oversized rooms with wonderful flow, perfect for entertaining. Featuring an extra large kitchen with center island and master bedroom that open to a large deck great for summer BBQs. Just step down to the garden and in-ground pool. Conveniently located a short walk to Quaker Ridge School. Text M329416 to 85377. See online here.
List price: $995,000

prucentlogoaPrivate Beach and 180°Waterviews of LI Sound- - New Constructionnineacreslane
This spectacular brand new 8,000 square foot home is located on cul-de-sac with 180° views of the Long Island Sound and private beach in Mamaroneck. This amazing home boasts a gourmet eat-in-kitchen with 2 dishwashers, 7 bedrooms, 5 full luxurious bathrooms and 3 half baths, 2 fireplaces, 3 balconies, state-of-the-art systems, 9' and 10' ceilings, heated garage and rocking chair porch. Water views from almost every window. A world apart from the ordinary. For photos and details text M330878 to 85377.
List Price: $3,695,000

prucentlogoa27 Kent Road: New to market: Games of catch...Pancake27KentRoad breakfasts...Luxurious living... Gracious entry to this five bedroom, three and one-half bath sunny brick Colonial on half acre of beautiful grounds in the heart of Fox Meadow. Features include new bathrooms, 2-car garage and 2 fireplaces. Indoor and outdoor entertaining is a breeze with new eat-in kitchen and beautiful family room which lead to splendid outdoor patio. Conveniently located to schools and both Scarsdale and Hartsdale train stations. Text M332017 to 85377. See online here.
List Price: $1,545,000

HLChristieSmall84 Edgemont Road: This exceptional must-see beauty in Edgemont has it all, old84EdgemontRoad world charm with modern amenities, high ceilings, room proportions and extraordinary windows. Twenty-six foot dining room, living room with fireplace, family room cabinetry and wet bar, renovated dine-in kitchen/family room. Sound system, gym, sauna. The master suite has two bedrooms, two baths and a fireplace. There are three additional bedrooms with two baths. Third floor has an additional 1200 square feet has three bedrooms, bath and a large recreation room. Level yard, pergola and outdoor kitchen. Learn more here:

List Price: $1,750,000

HLChristieSmall7 Hunter Drive, Eastchester: A beautiful blending of 21st century renovations and7HunterDrive vintage mid-20th century style set on a choice .4 acre lot with expansive, fully fenced, level backyard. Nine-foot ceilings, finely crafted built-ins, marble and granite finishes all speak to the high quality of this spacious Lake Isle Estates home. Residents are eligible for optional membership in the Lake Isle Association and/or Lake Isle Country Club. Learn more here:

List Price: $1,240,000



#2 Real Estate Professional 2014-05-01 10:55
With the lack of transparency being shown in how the Village of Scarsdale and Tyler Technologies' revaluation figures resulted in putting such a high increase on specifically the land value in Scarsdale, the following is something Scarsdale residents might want to consider. Residents can obtain through the Scarsdale Village Hall public records under the Freedom of Information Law (FOIL), how many homes were sold in 2013 to builders for demolishing and rebuilding vs. homes sold to private individuals for intent of living in existing homes.

So the challenge with the records is that you cannot tell what the outcome is on most of the homes demolished. However, here is a total (keeping in mind some homes appear twice for demo and rebuild):
Demo and rebuild = 3 / Demo only = 21 / Partial demo (no rebuild) = 6

It is probably a fair assumption that the 21 demolished will eventually receive a permit for a rebuilding. So let’s say 24 in total for 2013. The records list all the sales which total 382 (some appear twice so they were only counted as once). The tricky part is that there is carryover in years. So for the list of demo’s for 2013, only a portion show as purchased in 2013 as they could have been purchased in 2012 and the permits filed in 2013. Likewise there are probably builders purchasing homes on the list in 2013 that the permit requests will appear in 2014
But allowing for assuming the same carryover from year to year, it could be said that of 382 sales, 24 were for the intent of demolishing and rebuilding. This represents 6.3% of the sales in 2013. So the question begs, how can the town and Tyler Technologies place so much weight on the land portion of the assessment that is driven by builders’ intent to demolish homes when this represents only 6% of homes sold in Scarsdale? Put another way, with 94% of homes sold to private individuals for the intent of living in the existing homes, then it appears necessary to assume this is the likely buyer demographic and the assessments should be made with more weighting on the home and less on the land given the intent to live in and retain the home.
#1 Frank Lewis 2014-04-03 14:22
If the homes' asking prices are truly accurate (i.e. 100% reflective of the market, using good comparable homes/sales) then it's not a matter of the assessments, it's a matter of the taxes and tax rates. Simple as that. We all shouldn't always look at "revaluation" as bad. It levels the playing field so everyone is paying a much more fair amount of taxes. If we're upset about our assessment there are 3 levels of appeals in NY (informally meet with the Assessor, the Board of Assessment Review and Small Claims Assessment Review). If we're upset about the tax rates, we get active politically. Simple as that.

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