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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.


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#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.
#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.
#3 Ridgey 2014-04-17 20:40
Sell it to the Czars!
#2 moreno 2014-04-17 18:50
I would agree keep the history alive. 3 Edgewood
#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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