Real Estate: Considering a Pied a Terre in Manhattan? Plus Sales and Open Houses in Scarsdale

Thinking of a move to the city or buying a pied a terre? Before jumping in, There’s lots to learn about the Manhattan market. We spoke to Geri Grobman, a realtor with Corcoran, to get answers to questions many suburbanites might have about NYC real estate:

How did the 2018 and 2019 Manhattan real estate market do?

2018 and 2019 were tough years for the NYC real estate market. An oversupply of high-end apartments, tougher tax laws, and an overall uncertainty led to a purchasing slow down not seen since 2009.

Fourth Quarter 2019 showed some signs of a stabilizing market, as sales moderated, signed contracts improved, and supply growth slowed. As 2020 is now underway, we see more and more buyers committing to apartments where they see true value. Now is a great time to buy!

For people thinking about moving into the city, which neighborhoods offer the best value?

For people thinking about moving to New York City, this is a great time to jump into the real estate market. It's a buyer’s market and while there are many great areas to purchase real estate in the city, The Upper East Side and Murray Hill are two areas in particular where your dollar may stretch a bit further.

From fixer-uppers to turn-key apartments to new developments. There are many great options. It's really about putting together a wish list and a budget and then hiring a knowledgeable agent. I have been living on the UES for over 20 years and am extremely passionate about real estate and the city.

The way I begin working with clients is by asking questions about their likes and dislikes and really listening closely before I put together a custom plan of various options for them. Do they want a condo or co-op, would they like to be close to the park, have a parking garage in their building, do they have pets, do they love pre-war or post-war, do they want lots of amenities in their building or would a smaller boutique building fit their lifestyle better?

Suburbanites often want to have a car in the city. Are you seeing apartments with garages? On average what does it cost to park your car?

There are many parking garages in the city ranging in price from $500 up to $1000 a month depending on location and the size of your car. You may be able to get a better deal if you buy an apartment with a garage already in the building.

Can buyers sublet their apartments for extra income? In which kinds of buildings?

A big difference between a condo and a co-op is the ability to rent out your apartment. Many co-ops do not let residents rent out their unit, where a condo gives you the ability to do so. It is necessary to check with each building if that is important to a buyer. Your realtor will locate those buildings for you.

Do you think that sellers are more negotiable now than previously?

I think that sellers are more realistic about the market and what their property is currently worth resulting in more deals closing now. Negotiations may depend on many factors, for example, how much the seller wants or needs to sell, how long the apartment has been on the market, and the amount of inventory available on the market, or even in a specific building.

What sized apartments are most available? Is there more inventory in any category?

Currently, there are more 1 and 2 bedroom apartments available than any other size on the market today. That, of course, will vary in different neighborhoods.

Typically, what are the financial requirements for buying in Manhattan? What documentation needs to be shown.

The financial requirements for buying an apartment in NYC vary. Typically with a condo, there is a down payment of at least 10% of the price of the apartment. A down payment on a co-op can range from 25-50%.

Each building is different in terms of their requirements and a board package must be submitted. This will include tax returns, financial statements, and a mortgage commitment letter if financing is required. Again, this is where a realtor is extremely helpful to the purchasing process.

How do you differentiate yourself in a crowded market?

I am creative, tenacious and possess good negotiation skills. I think what sets me apart from other NYC agents is my ability to see what an apartment can be and how a space can be altered to better fit the client's lifestyle. Sometimes an apartment is perfect and doesn't need anything and sometimes walls need to moved to create an updated space. There are also small changes and slight tweaks such as changing hardware, paint or furniture placement that can make a huge difference.

Sales
127 Cushman Road
Signature home built by Scarsdale Premiere builder, KOSL Building. Highest quality materials and craftsmanship, this 7 Bedroom, 7 1/2 bathroom. 10-foot ceilings on the first floor, 9-foot ceilings on the 2nd floor and lower level. Heated 3 Car Garage. Approved 20x40 pool (not included). Prime location in the Heathcote estate area.

Sale Price: $3,347,500
Assessed Value: TBD
Real Estate Taxes: TBD

6 Circle Road
Gracious curb appeal, meticulously restored, this stunning Center Hall Colonial, sits on beautiful landscaped corner lot on tree-lined village street. With 9-foot ceiling, the bright open foyer leads to large living room, French door(2013) to covered porch, driveway and huge yard, whole house new windows(2013), Oak hardwood floor(2013) throughout, 3 stone fireplace, dining room, radiant heated tile floor eat-in modern kitchen, cozy breakfast nook, mudroom to side yard, powder room, and hallway complete the main floor. Second floor includes master bedroom, en-suite bath, doors to the terrace, 3 bedrooms, and hall bath. Third floor includes 2 bedrooms, an office, and bath. Finished lower level is 476 sqft with a family room, walk-in pantry, laundry room, powder room, storage, utility, and access to backyard.

Sale Price: $1,239,800
Assessed Value: $1,296,000
Real Estate Taxes: $29,918

22 Club Way
Mediterranean Masterpiece built with outstanding architectural details. Spectacular living room features a soaring 14-foot ceiling and hand-hewn beams and tile work for the fireplace, window seats, and floor. A wrought-iron balcony gives an incredible view of the living room below. Double doors with fanlight arch offer a grand entry into a private courtyard. Gourmet kitchen with granite counters and high-end Dacor stainless steel double ovens, five-burner cooktop and Sub-Zero refrigerator. The sunny breakfast nook makes mealtime a pleasure. Choose a master bedroom upstairs or on the main floor each with its own relief tile gas fireplace and two additional bedrooms upstairs. 304 bonus square feet on the lower level provide a spacious family room and au pair/office suite with bathroom and separate entrance. Edgemont School District and short walk to train.

Sale Price: $940,000
Assessed Value: $1,029,300
Real Estate Taxes: $33,143

50 Popham Road Unit#2H
Located in the heart of Scarsdale village. Luxurious building with doorman security, gracious entry, large unit with three bedrooms and three bathrooms. Huge dining room and kitchen. Building features exercise room, party room, storage bins, and garage parking. Walk to express train, fabulous shops, and restaurants.

Sale Price: $710,000

Featured Listings

79 Greenacres Avenue
Scarsdale, NY 10583
Grand Greenacres Center Hall Colonial totally renovated in 2008 including two-story addition. Ideally located on prestigious Greenacres Avenue with convenient outdoor access via deck and large slate patio overlooking private one-third acre of professionally landscaped property. Some of the many special features: Fabulous chef’s kitchen with high-end professional appliances and extra-large center island, perfectly located mudroom, laundry room and door to heated garage off kitchen, above ground sun-filled lower level with guest room and full bath, dramatic master suite with tray ceiling including two custom walk-in closets, 5 bedrooms plus an office all on the second floor, gutter covers, multi-zone hydro heat and air conditioning, 2 wine fridges and free bus to both Scarsdale Middle and High School. Perfect location, under 15-minute walk to train, shops, and restaurants. Home square footage includes approx. 1060 sq.ft. in lower level.
Learn more here.
Listing Price: $2,295,000

174 Saxon Woods Road
Scarsdale, NY 10583
Bright contemporary Scarsdale home with grand two story entry and open floor layout on level one acre. Walls of glass overlook Saxon Woods Park, yielding tremendous privacy and tranquility. On the first floor is a large kitchen complete with top-of-the-line appliances, center island, living room, and family room share an impressive fireplace, dining room, all-season sunroom, den/library, mudroom, and powder room. Up a few steps is an enviable master bedroom with two fabulous walk-in closets, dressing room with makeup area, additional closet and luxurious bathroom. The second floor has four spacious bedrooms, two hall bathrooms, and a laundry room. The lower level is expansive and has many possibilities. There is a glassed-in room for exercise or multi-purposes, big playroom with doors to the yard, game room, full bath and tons of storage. Total square footage is 7519: 3268 on first floor 1638, on second floor, 2613 on lower level.
Learn more here.
Listing Price: $1,695,000

Open Houses

72 Sheldrake Road
Scarsdale, NY 10583
Open House 3/1 from 1pm-2:30pm
Custom Heathcote home designed for modern living with a separate two-story pool house and in-ground saltwater pool all on expansive private acre with long golf course views. Main house entrance flanked by French doors that open in both living room and dining room. Family room with fireplace, covered porch, and outdoor fireplace. Chef's kitchen and breakfast room also with covered porch and patio. Upstairs master wing with outdoor private deck, dressing hall, must be seen bath; all en-suite bedrooms, common room or 4th bedroom, and full laundry. Finished 3rd-floor large eyebrow window-views. Lower level with bedroom, bath, playroom, gym, plus movie room space. The sun-flooded 1300 sqft. year-round pool house features a full bath, living room with fireplace, kitchenette, and finished loft. Combined total square footage of 9,922, with 8 bedrooms, 8 full and 2 half baths, and a total room count of 17. Built by premier, favorite Scarsdale builder, this estate property surpasses all expectations.
Learn more here.
Listing Price: $6,500,000

6 Mayflower Road
Scarsdale, NY 10583
Open House 3/1 from 1pm-2:30pm
Bright new 6,672 square feet, six-bedroom, Center Hall Colonial on level half acre. This house has a classic layout with a gracious entry opens to living room and dining room. The Chef's kitchen: Wolf stove, two Bosch dishwashers, 48" SubZero Refrigerator, microwave, wine refrigerator, granite countered island, quartz countertops opens to a big bright family room with fireplace and lots of windows overlooking the level property and patio. Additionally, there is a bedroom/den and full bath, guest powder room, outfitted mudroom on first floor. Upstairs is a master bedroom with tray ceiling, his and hers walk-in closets, and spa bathroom. There are three generous sized bedrooms each with their own bathroom and a generously sized laundry room. The lower level is light and bright with oversized windows and very open. There is a bedroom and bathroom as well. 2432 square feet on first floor, 2149 square feet on second floor, and 2091 square feet in lower level. Potential pool site.
Learn more here.
Listing Price: $2,995,000

450 Fort Hill Road
Scarsdale, NY 10583
Open House 3/1/20 12:30pm-2pm
A special opportunity to own a magnificent Edgemont Colonial, beautifully maintained and recently renovated with exquisite taste and awareness of today's family desires. Open first-floor plan with big new windows brings in wonderful natural light. Ten versatile rooms with five to six bedrooms, five full baths, and a powder room. Grand kitchen with large adjoining family room. Impressive 31' living/dining room with 10' coffered ceiling and an awesome stone floor to ceiling fireplace. Natural wood floors. High ceilings. Set on gorgeous level 1.6 acres with enchanting gardens focusing on wildflowers and blooming bushes set on rolling green lawns viewed from a delightful awnings patio. Easy walk to Greenville Elementary School. Great space for family living and entertaining in complete privacy.
Learn more here.
Listing Price: $1,999,000

18 Cayuga Road
Scarsdale, NY 10583
Open House 3/1/20 1pm-3pm
Spacious and sunny Colonial in the heart of a sought-after, peaceful Heathcote neighborhood on a gorgeous, nearly half-acre of beautiful land. A quick walk to Scarsdale Middle School, this well-maintained home has a perfect layout for everyday living. The first level features a formal living room, formal dining room, large eat-in-kitchen with skylights and a wall of French doors to the deck, adjacent family room with wood-burning fireplace, powder room, bedroom, full bath, laundry, mudroom, and two-car garage. The second level boasts a master bedroom with ensuite bath and walk-in closets, two bedrooms with a jack-and-jill bath, and 2 bedrooms with a hall bath. The lower level includes a recreation room with doors to yard, home theatre, bar, wine room, gym, and a half bath. Entertain and barbeque on the stunning two-tier deck that overlooks the level yard. You will love this uniquely quiet neighborhood where kids can ride bikes and scooters, walk dogs and hang out with friends and neighbors.
Learn more here.
Listing Price: $1,925,000

17 Olmsted Road
Scarsdale, NY 10583
Open House 3/1/20 12pm-2pm
Don't miss this chic, renovated Colonial in the heart of sought-after Fox Meadow, just a short walk to elementary school, high school, library park, town and metro north train for a 32-minute express commute to Grand Central. The first level features an elegant front entry foyer, formal living room, formal dining room, renovated eat-in chef's kitchen with granite counters and island, premium appliances and sliding doors to a gorgeous new Trex deck with hot tub, beautiful family room with fireplace and sliders to the deck, renovated powder room, mudroom, laundry, two-car garage, and electric car charger. The second level boasts two master suites with walk-in closets and ensuite baths, three additional bedrooms, and two hall baths. All baths are renovated and have radiant heated floors and heated towel racks. The lower level includes a rec room/gym, bedroom, and bath. The new Trex deck is perfect for outdoor dining and relaxing in the hot tub. Private, level yard.
Learn more here.
Listing Price: $1,825,000