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Tuesday, Apr 25th

Last updateTue, 25 Apr 2017 2pm

You are here: Home Real Estate Real Estate Report: Razed or Saved?
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Real Estate Report: Razed or Saved?

3EdgewoodThe debate continues about the fate of a foreclosed home at 3 Edgewood Road that was assumed by Scarsdale Village after the owner failed to pay taxes or maintain the home. The Village requested sealed bids for the property in February and according to Deputy Village Manager Steve Pappalardo interest was strong. The Village received 17 bids, the highest from Andrew Silverstein of Castle Walk Development who offered $628,800 for the 2,543 square foot house on .16 acres in Edgewood.

The Board of Trustees had planned to offer it to the highest bidder. That was until Tracey Czar, a special education teacher, made an appeal at the Village Board meeting on April 8. She and her husband submitted the second highest bid for $616,000 and told the Board, that unlike Silverstein they plan to restore it, not raze it. She asked the Board to "think beyond the dollar sign and offer it to her to renovate rather than rebuild a new home on the site."

We spoke to Silverstein to get his point of view on the sale. Discussing the real estate taxes on a new home vs. a renovation, he said, "I think financially it would be a huge mistake, (to sell it to Czar). It's not just about the difference in the sale price but in the real estate taxes moving forward – which could potentially be tens of thousands of dollars for future years." He also said that he was only inside the house for a short amount of time but it "looked to be in awful condition," and he wondered if it could be restored. He said, "I would be curious as to what assurances the town has that if they sold it to the Czar's it would be maintained." Due to the FAR requirements, Silverstein said that a new house on the .16 acre property could only be a few hundred feet bigger than the existing home.

The Board plans to go into executive session to discuss the matter on Tuesday April 22 at 6:55 pm. More to come.

Sales:

16WyndhamRoad16 Wyndham Road, Edgemont: Pristine 1910 Colonial featuring 5 bedrooms, 3 baths, many updates and a convenient front-to-back center hall leading out to a private patio overlooking the lovely grounds. Captivating home has generously sized rooms and a spacious heated sun-porch, kitchen with silestone counters, breakfast area and wet bar, all new marble baths, new bluestone front steps, a freshly painted exterior and a new roof in 2006.
Sale Price: $1,212,500
Real Estate Taxes: $27,981

134SaxonWoodsRoad134 Saxon Woods Road, Scarsdale: Enjoy the pastoral privacy of golf course views in this renovated Quaker Ridge gem on.42 acres with circular driveway and stately landscaping. This home offers updated kitchen with granite counter tops, large family room with fireplace, access to outdoor deck and private yard.
Sale Price: $1,030,000
Real Estate Taxes: $26,000

42TompkinsRoad42 Tompkins Road, Scarsdale: Picturesque home with period details and modern amenities. A significant historical home with a 2006 addition with a stylish contemporary kitchen and family room with vaulted ceiling. New windows, roof and boiler. Four bedrooms, 3 full renovated baths and two half baths. 2 fireplaces. Loft in garage.
Sale Price: $925,000
Real Estate Taxes: $27,609

25MidvaleRoad25 Midvale Road, Edgemont: Four bedroom, four bathroom split level home on almost a half acre in Edgemont. Spacious living room with fireplace, eat-in kitchen with new appliances and 2-car garage.
Sale Price: $880,000
Real Estate Taxes: $27,509


Featured Listings:

HLChristieSmall43 Marbourne Drive, Mamaroneck: Historic farmhouse on an acre of beautiful 43MarbourneDriveproperty, a rambling natural country setting loaded with charm and privacy was originally a working dairy farm with a Carriage House and stable. The main house has authentic stone walls, beams and Dutch doors. This property has endless possibilities and a separate entry which creates opportunity for working home office or private guest wing. This home is a must see. Learn more here:

List Price: $1,495,000

HLChristieSmall50 Inverness Road, Scarsdale PO\Edgemont: Majestic six-bedroom 50InvernessRoadTudor Manor House in the Cotswold area of Edgemont. Gorgeous secluded half acre property with mature plantings including Azaleas and Dogwood trees. Features include: large flagstone patio, leaded glass windows, many with stained glass insets, a handsome slate roof, gleaming refinished floors and closets galore. This home offers grand spaces for gracious living and entertaining. Walk to schools, train and Scarsdale Village amenities. An exquisite home to treasure. Learn more here:

List Price: $2,195,000

prucentlogoa28 Candlewood, Scarsdale PO, New Rochelle Schools: New to 28CandlewoodMarket: Wonderful expanded Ranch field stone front, built as the model home for Scarsdale Park on terrific elevated property. This home boasts great flow perfect for entertaining, large modern eat-in-kitchen, renovated bathrooms and an extra 750 square feet on the second floor. Enjoy sunsets on the deck and the Scarsdale Park Community pool. See online here: or text 336174 to 85377 for photos and details.
List Price: $699,000

prucentlogoa5 Renaissance Public Square, White Plains: You can have it all:5RenaissanceSquare Exciting, panoramic views from this exceptional 2300 square foot home with every luxury and incomparable upgrades. The moment you enter you are enveloped by sumptuous space, floor to ceiling walls of glass and the finest quality appointments. Exceptional upgrades include custom built-in closets, custom pantries, built-in TV/Vanity Mirror in master bath, oversized laundry room and extraordinary finishes. Ritz Carlton amenities include 24 hour concierge, valet parking, pool, fitness centers, screening room, tots playroom, outdoor patio and Jitney service to railroad. Enjoy an active, convenient, luxurious lifestyle with the pulse of the city nearby. See online here or text M329412 to 85377 for photos and details.
List Price: $1,799,000

Comments   

0 #5 Real Estate Professional 2014-05-01 20:24
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.
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+1 #4 Tracey Czar 2014-04-21 22:07
Thank you to those who have commented! My husband, Jonathan and I really appreciate your support. We go in front of the board of trustees Tuesday night, April 22nd at 7pm. If you would like to share your support publicly, please come to the meeting! Help us make sure this house is not destroyed.
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+5 #3 Ridgey 2014-04-17 20:40
Sell it to the Czars!
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+4 #2 moreno 2014-04-17 18:50
I would agree keep the history alive. 3 Edgewood
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+4 #1 Claire 2014-04-17 13:43
I applaud the family that wants to restore the Edgewood Road home instead of the usual "tear it down and built a new one to the max FAR" that happens so often. This home restored would probably be way more solid in the long run than any plywood new construction you see being thrown up in a weekend!
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