Market Update and Recent Sales

Edgemont Market Update: Sales in Edgemont are enjoying a strong start in 2012, evidenced by record levels of activity during this past winter. The market has been helped by an unseasonably warm winter and a perception that the market has bottomed out while interest rates may start to rise.

I think it is important for Edgemont residents to know that the Edgemont market is once again attracting buyers.

As of the end the first quarter 2012, there are currently 77 homes on the market in Edgemont, with 14 homes under contract, and 13 homes pending (property on which contracts have been signed but have not closed). Pending sales is the most accurate gauge of real-time activity, as closings generally lag pending sales by sixty to ninety days. Pending sales, unlike sales that are reported as under contract, are not (or are no longer), contingent on mortgage approval.

Edgemont has 17 closed sales in the first quarter of 2012, with a median price of $1,095,000. This compares favorably to the first quarter of 2011, with 6 closed sales, and a median price of $917,500. Median price and unit sales increased 19% and 183%, respectively, for the first quarter 2011 and first quarter 2012 on a year over year basis.

At the current rate of sales activity, 2012 looks to be a solid year for Edgemont. At year-end 2011, Edgemont had 49 homes sold, with a median price of $925,000. At the end of the first quarter 2012, closed sales, home under contract, and homes pending, represent total activity of 44 units, only slightly behind the full year 2011 activity. It is also worth noting that 2012 first quarter closing of 17 units is the highest level Edgemont has seen in the past 6 years. In 2007, the height of the market, first quarter closed sales totaled 16 units.

Within the Cotswold neighborhood at the end of the first quarter 2012, there are currently 3 homes for sale, 2 homes under contract, 4 homes pending, and 3 homes sold in the first quarter. Remember that the Costwold neighborhood association prohibits the placement of any signs on your property, including for sale signs.

Andrea K. Weiss is a sales associate at Julia B. Fee Sotheby’s International Realty, located in the Village of Scarsdale. She is a Cotswold resident and neighbor, and sits on the board of the Edgemont Community Council.

Sales:
24 Myrtledale Road: Spectacular new construction on cul-de-sac just down the block from Aspen park. Quality construction with exceptional attention to detail: 9 foot ceilings, select oak floors, custom millwork, gourmet kitchen with custom cabinetry and separate breakfast area and luxurious master suite. Lower level includes playroom, exercise room, full bath, mudroom with cubbies and storage. Level, private .33 of an acre

Sale Price: $2,317,500
Real Estate Taxes: TBD

9 Eastwoods Lane: Solidly built 1932 Colonial on a beautiful quiet street. An elegant and charming ambiance is created with outstanding moldings, archways, hardwood floors and French doors. Chef's kitchen with solid cherry cabinets, granite counters, 6 burner Viking stove and Subzero refrigerator. Beautiful tumbled Marble master bath with double vanity. Large fenced yard with new deck.

Sale Price: $1,380,000
Real Estate Taxes: $30,926

14 Robin Hill Road, Edgemont: Fully updated Tudor. Wonderful space with great layout and private yard. Living room with fireplace and French doors to covered patio, family room, formal dining room, large new eat in kitchen. Three family bedrooms, with updated hall bath, large Master bedroom with cathedral ceiling and ultimate Master Bath.

Sale Price: $1,100,000
Real Estate Taxes: $27,631

31 Penny Lane, Edgemont: Spacious Center Hall Colonial with four bedroom and 2 1/2 baths on .55 acres. Private patio and backyard. Plenty of closet space. Central air throughout home including 1,300 square foot basement that leads to a two-car garage.

Sale Price: $900,000
Real Estate Taxes: $36,307

2 Hazelton Drive: Terrific sun-filled stone-front Colonial in Secor Farms. Beautifully proportioned principal rooms, glass enclosed sunroom/den and gourmet kitchen. Marvelous lower level family room and office lead to rear yard, patio and beautiful level property. Exquisite custom designed home.

Sale Price: $744,000
Real Estate Taxes: $20,000

25 High Point Lane, Edgemont: Gorgeous 1.786 acres of level secluded property consisting of two lots. (One lot fronts on High Point Lane with 1.016 acre; the other is at the back of the property with no street frontage on .77 acre.) A sub-division into 2 building lots may be possible. The house needs total renovation or demolition. A special site with beautiful specimen plantings. A rare opportunity to create the house of one's dreams or to restore a charming colonial.

Sales Price: $600,000
Real Estate Taxes: $34,033

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Featured Listing: 160 Evandale Road
Charming 2,500 square foot residence within walking distance to the elementary school. A lovely entry opens to the living room with fireplace, formal dining room with access to the large deck overlooking the property, modern kitchen with breakfast area and three gracious bedrooms. Lower level family room. Learn more here:

List Price: $829,000

Featured Listing: 6 Forest Lane
Renovated and well maintained, this five bedroom Classic Center Hall Colonial features a new kitchen with breakfast area, center island, skylights and a door to the private patio. Living room with grand fireplace and built-ins, spacious dining room and master suite with sitting area and full bath. Learn more here :

List Price: $1,199,000