Real Estate: Village Closes Tax Loophole and Another Strong Week for Home Sales

Another impressive week for home sales, with two selling for above $3 million. Also, the Scarsdale Board of Trustees passed a resolution to close a tax loophole that would have permitted owners of single family homes to convert them to condominiums to lower their property taxes.

Specifically, the Scarsdale Board of Trustees held a hearing and passed a resolution to close a loophole that permitted single family homes to be converted to condominiums and pay reduced taxes. The adoption of the law, “prevents lower assessments of residential property owned in fee simple form of ownership converted to condominium form of ownership. Conversion of homeowners’ associations (HOA) and single-family homes to a condominium form of ownership can result in significant tax savings for these property owners (by as much as 50%), while shifting the tax burden to the balance of Village property taxpayers.”

Since condominiums are valued on their potential rental income rather than their market value, this would have resulted in lost tax revenue for the Village. The Board agreed that it was best to close this loophole as soon as possible and voted yes on this resolution.

Here is what sold this week:

Sales
36 Tompkins Road (Pictured at top)
Magnificent near acre of sprawling grounds with a gorgeous pool and spa surrounded by mature landscaping. Boasting two home offices, this elegant, sophisticated and graceful Fox Meadow Colonial opens with a rotunda foyer and spectacular, curved staircase. Tucked through an arched opening is a dramatic sunken living room. The inspired yet classic architecture includes a large dining room for guests, a thoughtfully renovated kitchen with a charming banquette, a family room with rear views and a powder room all on the first floor. Upstairs is a master suite with a dressing room, walk-in-closet and renovated bath, 3 more en-suite bedrooms, an office and nanny’s room and bath. The third floor features a 2nd office, large guest room and full bath. The expansive lower level features a gym and fantastic playroom with another fireplace.
Sale Price: $3,437,500
Assessed Value: $2,900,000
Real Estate Taxes: $72,489

24 Murray Hill Road
Situated at the end of a private driveway in the Murray Hill estate area of Scarsdale, this dramatic 5,200 square foot custom built Contemporary home features stunning architecture, soaring ceilings, flexible open spaces and plenty of natural light. Banks of oversized windows and panoramic views seamlessly integrate the indoor spaces with natural outdoor surroundings. A stunning living room is the home's centerpiece, showcasing walls of windows and a balcony from above. A sophisticated master bedroom suite offers a large home office, 2 walk-in closets/dressing room, glamorous bath and direct access to the indoor heated pool. Includes modern kitchen with breakfast area, mudroom, laundry room, powder room and easy garage access. Three generously-sized 2nd floor bedrooms, all have en-suite bathrooms. Bucolic 1.60 acre flat property has a Koi pond and is surrounded by mature trees and lush, sprawling lawns.
Sale Price: $3,000,000
Assessed Value: $2,601,875
Real Estate Taxes: $65,036

67 Griffen Avenue
Hidden gem nestled in a private Scarsdale estate area. This stylish home is fully renovated with top of the line finishes and details. A welcoming entry foyer with a cathedral ceiling offers an open flow throughout. The living room with custom fireplace and formal dining room are perfect for entertaining with French doors opening to a hardwood deck. The contemporary kitchen features a striking triple window and an island with stone countertops, recessed lighting, stainless steel appliances, and glass door to covered porch. The master suite has a tray ceiling with French doors leading to a private balcony, 2 walk-in closets and a large spa-like en suite bath with radiant heated floors, marble double vanity, free-standing soaking tub and a full-body jetted shower. A 2nd bedroom/office and hall bath complete the 1st floor. An impressive staircase leads upstairs to 2 spacious bedrooms and a hall bath. The lower level opens to the 2 car garage, laundry, and storage. Landscaped level and fenced yard with potential spot for a pool.
Sale Price: $1,675,000
Assessed Value: $1,125,000
Real Estate Taxes: $27,601

1 Christie Place Unit #201E
This elegant and warm home has a lushly landscaped 2790 square foot private patio/garden. Amenities include gorgeous gourmet kitchen with Viking appliances and wine refrigerator, dining room with built-in custom cherry cabinetry, bright corner living room, spacious main bedroom with patio access and a large walk in custom closet and marble bath with heated floor and walk in shower and spa tub, generously sized second bedroom with two walk in closets and bath, 9 foot ceilings with crown molding throughout, hardwood floors, and full size washer/dryer. This building boasts an elegant lobby with Concierge and 24-hour security monitoring, and a fitness center.
Sale Price: $1,400,000
Assessed Value: $760,000
Real Estate Taxes: $18,996

4 Leone Close
Bright modern home situated on beautiful cul-de-sac in Edgemont School district. This home has been fully renovated with meticulously appointed custom finishes. The gourmet chef's kitchen was thoughtfully designed with a huge Quartz center island with high end appliances overlooking family room and living room. Abundant light shines throughout the home featuring a cathedral ceiling in this open floor plan creating an ideal layout. Step outside to a large brick patio with mature plantings for idyllic retreat. There are 5 bedrooms and 3 full bathrooms with luxurious marble and polished chrome finishes. The exterior boasts new hardie plank siding, new bluestone walkway, new windows and doors and custom stone pillars flanking the newly paved asphalt driveway with belgian block apron. Other amenities include: Nest thermostats, Vivint home security system and hard-wood floors throughout.
Sale Price: $1,350,000
Assessed Value: $1,050,000
Real Estate Taxes: $33,383

Featured Listings

 

2 Obry Drive
Scarsdale, NY
Listing Price: $2,995,000

Nestled on a private road in one of Scarsdale s most sought-after Heathcote neighborhoods, this rare turn-key residence exemplifies luxury, sophistication, & quality. From the stunning Christopher Peacock kitchen to the sun-filled living spaces,you will fall in love w/ the beautifully landscaped setting & level park-like property on .77 acre w/room for a pool.The center hall layout features bright spaces perfect for casual enjoyment & entertaining.Modernized with a Control4 Home automation, a state of the art security system, new generator and much more. The eat-in kitchen with an oversized center island, marble counters & stainless appliances opens to a generous breakfast room. The family room adjoins the kitchen & flows into a large sun-room.The 2nd level includes a lovely primary suite w/a terrace overlooking the idyllic yard & a luxurious spa bathroom by Waterworks. 3 additional bedrooms & a hall bath plus a spacious guest suite, full bathroom & office are located on the 2nd level.

Learn more here:

4 Richbell Close
Scarsdale, NY 10583
Listing Price: $4,800,000

Beautiful 2020 stone and stucco Colonial in the heart of Murray Hill on a tranquil tree-lined cul-de-sac street in Heathcote Elementary School district of Scarsdale. This fine quality home elevates all to another level. Quiet elegance and easy casual living both indoors and out make this property perfect for anyone seeking a suburban lifestyle. This amazing home sits on 1.15 acres with room for a pool. Perfect floor plan: open, bright with high end finishes and features a slate roof, copper gutters, large patios for great entertaining, two laundry rooms, backstairs, guest quarters, seven bedrooms and eight-and-a-half bathrooms, several areas for private offices. 8413 interior square feet. Location is ideal for neighborhood outdoor play and long, peaceful evening walks. Less than a five minute walk to Scarsdale High School and library and a four minute drive to Scarsdale Village and Metro North train.
Learn more here.

44 Paddington Road
Scarsdale, NY 10583
Listing Price: $2,750,000

Unparalleled style with an artisan inspiration greets you as you cross the threshold of this spectacular Fox Meadow Center Hall Colonial. 44 Paddington Road combines extraordinary modern design elements with easy practicality that makes this home eminently livable. A fluid floor plan provides a true family-centered connection from the spacious kitchen with premium appliances, a new architect-designed family room and library/office with custom built-in features. Entertain outside on the stunning flagstone patio complete with bar, covered dining for 10, Lynx grill and fire pit for making s'mores. The expansive lower-level with gym, recreation room and play space is a favorite gathering spot. Extras include Tesla charger in the two-car garage and whole-house generator. This welcoming home fulfills a vision of distinctive design and family orientation. Ideally located near the elementary school, shops, restaurants and transportation; all that Scarsdale has to offer a contemporary buyer. Move right in!
Learn more here.