Real Estate Stats 2009 vs. 2008 and this Week's Sales
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How did sales of Scarsdale real estate in 2009 compare to sales in 2008? Here's a report from Anne Dowd Moretti, Associate Broker at Julia B. Fee.
In the Scarsdale school district, 160 single family home were sold in 2009, versus 142 units in 2008, representing an increase of 18 homes sold, or 12.7%. However, the average sales price, declined in 2009, to $1,472,366 from the average sales price in 2008 which was $1,596,343, representing a decline of 7.8% for 2009. As expected, the average days a home was on the market elongated to 184 days in 2009, from 166 in 2008.
The total dollar value of all single family home sales in the Scarsdale School District in 2009 was $235,578,517 in comparison to $226,680,649 in 2008. This is not surprising, given the fact that 18 extra homes sold this past year. Looking ahead to 2010, the expectation is that prices will remain somewhat stagnant, but will not erode further, except perhaps for homes in the $2 million plus market.
It is interesting to note that sales in the lower end sector, i.e. homes valued at up to $1 million, increased a whopping 52 percent over 2008, as first time home buyers and people who previously looked in other communities found Scarsdale suddenly affordable. The surrounding school districts, including Eastchester, New Rochelle, and even our sister community, Edgemont, suffered significantly more in terms of property values. Scarsdale has been relatively resilient during what has been one of the most significant economic downturns in decades. Our strong schools, combined with our community reputation continues to attract international consumers, as well as locals returning to the community where they grew up! This new mix of customers will benefit from lower interest rates and affordable prices as we gather momentum in 2010.
Anne Dowd Moretti
Associate Broker
Julia B. Fee
Sothebys International Realty
28 Chase Road
Scarsdale, NY 10583
914-815-0057
Here's what sold this week:
26 Autenreith Road: Fabulous nearly-new Colonial in prime Fox Meadow location. Amenities include oak floors, three fireplaces, large gourmet kitchen with granite island, breakfast bar and top-of-the-line appliances. Glass doors overlook stone patio & park-like yard. Spectacular master bedroom suite with sitting room, tray ceiling, and luxurious master bath.
List Price: $2,295,430
Sale Price:$2,275,000
Estimated Taxes: $46,346
176 Clarence Road: Adorable Cape Colonial in lovely Edgewood neighborhood. Perfect starter home with master bedroom on main level. Beautifully landscaped level quarter acre lot offers privacy and tranquil wooded setting. One car detached garage includes extra room with studio.
List Price: $649,000
Sale Price: $621,000
Estimated Taxes: $13,835
22 Stonehouse Road: Colonial set on beautiful corner lot on quiet cul de sac in Fox Meadow. Imported marble fireplace and beautiful hardwood floors. Great possibilities.
List Price: $1,150,000
Sale Price: $1,000,000
Estimated Taxes: $23,644
20 Quentin Road: Well maintained colonial situated on quiet .32 acres. Hardwood floors, new recessed lighting and two zone CAC. . New alarm, new garage walls and garage tech cabinets. New walkway and fence.
List Price: $1,185,000
Sale Price: $1,157,500
Estimated Taxes: $24,450
70 Greendale Road: Five bedroom, four bath, brick center hall colonial situated on .35 level acres; extensive plantings and mature trees for added privacy. Living room with woodburning fireplace, Cherry wood mantle, den, formal dining room and new kitchen: Silestone countertops. Hardwood floors. Each bedroom with adjoining bath.
List Price: $995,000
Sale Price: $925,000
Estimated Tax: $22,427
More January Home Sales
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260 Fort Hill Road: Majestic home built in 2005 on 1.5 acres in Edgemont. Two story entry and Turkish stone floor. One-of-a-kind moldings throughout. State-of-the-art kitchen with wet bar and butler’s pantry. Fifty-foot swimming pool.
List Price: $4,950,000
Sale Price: $4,236,250
Estimated Tax: $58,286
50 Ogden Road: A blast from the past: 1951 custom built ranch with slate roof and circular driveway in the heart of Fox Meadow. Open floor plan with a large living room with oversized windows and dramatic stone fireplace, dining room, den with custom built-ins and wet-bar, Master bedroom with windows overlooking back yard, bath and second bedroom also with en-suite bathroom. Lower level bedroom and bath, laundry and large two- car attached garage.
List price: $1,395,000
Sale Price: $1,200,000
Estimated Taxes $36,528
968 Post Road: Charming 1921 Colonial set back from street on the Post Road. House sits on one quarter acre with a large, private back yard. Expansive deck directly off the kitchen.
List Price: $729,000
Sale Price: $677,500
Estimate Taxes $14,619
17 Stratton Road: Charming stone front Tudor in Quaker Ridge with curb appeal. Oversized living room with fireplace, den, and elegant dining room. Slate roof, hard wood floors.
List Price: $799,000
Sale Price: $720,000
Estimated Taxes: $21,290
Home Sales for the New Year
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Here's a list of homes that closed right after the New Year. For several of the homes, the listings indicate that taxes were grieved and reduced, perhaps making the homes more affordable for buyers.
260 Mamaroneck Road: 1920 Mediterranean on 1.74 acres with tennis court, and indoor pool with floor-to-ceiling windows overlooking lovely property. Grand living room, library, dining room, eat-in kitchen, breakfast room plus seven bedrooms and 4.1 baths. Perennial gardens, specimen plantings, circular driveway.
List Price: $1,780,000
Sale Price: $1,690,000
Estimated Taxes: $48,858
40 Murray Hill Road: Contemporary home on two acres with pool. Open flow, high ceilings, spacious rooms with circular drive and large front lawn.
List Price: $3,300,000
Sale Price: $2,549,000
Estimated Taxes: $54,000
54 Church Lane: Well maintained Normandy Tudor with leaded and stained glass windows, English gardens, brick patio, central air conditioning, and irrigation system,
List Price: $1,850,000
Sale Price: $1,700,000
Estimated Taxes: $32,365
137 Lyons Road: 2008 center hall Colonial with hardwood flooring throughout. Kitchen offers granite, stainless steel appliances, open layout for entertaining, and sliding doors to stone patio. Living room with fireplace, formal dining room. Master suite includes jacuzzi and walk-in custom closet. Three more bedrooms with hall bath. Finished family room with full bath in basement.
List Price: $919,000
Sale Price: $890,000
Estimated Taxes: $20,462
How Will The Market Fare in 2010?
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What's in store for 2010? Realtor Jonathan Lerner offers his top ten predictions for the Scarsdale real estate market for the upcoming year.
10) The worst is over, the real estate market has hit bottom in Scarsdale and we will now even see some slight appreciation.
9) Out with bad credit… borrowers whose FICO (credit) scores are below 625 will not be able to obtain a loan. Lenders will be making loans with best terms to those whose scores are above 725.
8) The “move up” market will stay soft as owners choose not to sell what they own, though in the past, owners have typically moved up every five to seven years. Current owners, especially those who bought their homes in the past five years, don’t have enough equity to move. With fewer “move up buyers,” the driving force behind sales will be first-time buyers.
7) Builders will not build… in the early 2000’s builders were riding high. They could build on “spec” and sell before the dust cleared. Now, unless a builder has a buyer ready to purchase, builders will not begin the work.
6) Builders will go on a diet, making mini-mansions fashionable. The trend will be to build smaller, less expensive homes that appeal to first-time buyers and to those hoping to downsize.
5) Summer will bring a slump in housing sales. The home buyer tax credit was extended through April 30, 2010 with the stipulation that the sale closes by June 30, 2010. Since these tax credits are unlikely to be renewed, sales will drop mid-summer and interest rates may rise.
4) Inventory will fall as sellers smarten up and cancel listings that don’t sell. However, falling inventory will not drive up prices.
3) Due to the decline in sales, several of the local real estate agents will close their doors. This will reduce competition however inexperienced agents may find themselves without jobs.
2) With less inventory, more buyers will find themselves competing over attractive listings. Sellers of premium quality homes could receive ten or more offers. While these multiple offers may drive up pricing to the fair market value, buyers will not over pay.
1) Engel & Völkers will complete its brand new Scarsdale office and move to it's home in the historic Heathcote Train Station at the Five Corners.
Jonathan Lerner is the Managing Director for Engel & Völkers - a worldwide real estate agency with over 400 property shops located in 32 countries. Contact him at 914-723-5555 ow visit their website at www.engelvoelkers.com/us/scarsdale/
Real Estate Sales 12-28-09
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The final weeks for 2009 were good ones for real estate closings in Scarsdale and Edgemont. Good volume and some unbelievable deals. See below:
20 Wayside Lane: New six bedroom home on half an acre in Fox Meadow with oak floors, high ceilings, custom moldings, a private master suite with fireplace, study with beamed ceiling and large custom designed kitchen and family room.
List Price: $3,469,000, Sale Price: $3,187,500, Estimated Tax: $76,700
158 Brewster Road: Charming, well-maintained 1927 Tudor on 1/4 acres in Greenacres. Sunken living room and fireplaces in living room and master bedroom. Five bedrooms, three baths and hardwood floors throughout. Designer kitchen with stainless steel appliances, cherry wood cabinets, marble baths and steam shower in master. Roof and furnace three years old.
List Price: $1,200,000, Sale Price: $1,180,000, Estimated Tax: $21,608
270 Fox Meadow Road: Six bedroom, six bathroom home, built in 2002 on Fox Meadow Road. 5,655 square feet of interior space set on .24 acres. Large kitchen with center island.
List Price: $2,195,000
Sale Price: $2,000,000
Estimated Tax: $39,768
58 Palmer Avenue: Three bedroom 1965 ranch style home with finished basement and two car garage on nicely landscaped .18 acre property.
List Price $514,500, Sale Price: $565,000, Estimated Tax: $14,157
2 Stonewall Lane, Mamaroneck: Mid-century jewel, built in 1953 has been respectfully maintained in it's original splendor. Updates, including an eat-in kitchen are consistent with the architects vision of minimalist design and function. Designed by architect Bertram Lee Whinston. House sites on almost 1/2 acre in Quaker Ridge.
List Price: $889,000, Sale Price $820,000, Estimated Tax: $20,355
190 Highland Road: Solid and spacious 1946 Colonial in Edgemont with large rooms, a great layout, and beautiful property. Classic details abound in this 3 bedroom home on 1/3 acres with garden and patio.
List Price: $820,000, Sale Price: $752,600, Estimated Taxes: $21,608
45 Highridge Road: Inviting country style home on .34 acre on a tranquil, cul de sac. First level includes an Au Pair Suite, renovated kitchen, artist studio/family room. with stone fireplace. entrance. Enclosed porch and two patios.
List Price: $1,195,000, Sale Price: $915,000, Estimated Taxes $27,792
89 Brite Avenue: Brick center hall Colonial in Fox Meadow. Exquisite architectural details, spacious sun-filled rooms, three fireplaces, chef's kitchen with cherry cabinetry, Subzero refrigerator and and Viking appliances. Master suite with fireplace and sitting room. French doors from living room and family room to stone patio and level half acre yard with garden and outdoor lighting.
List Price: $2,125,000, Sale Price: $1,850,000 Estimate Taxes: $41,676
35 Chesterfield Road: Center hall Colonial in Fox Meadow. Built in 1986, features 3,084 square feet of updated living space. Expansive formal rooms, family room with fireplace, access to deck and lovely private yard, large kitchen with doors to deck, laundry room. Five bedrooms and three and a half baths.
List Price: $1,495,035, Sale Price: $1,470,000 Estimated Taxes, $33,671
