Strong Scarsdale Real Estate Outlook for 2014

Looking back on the 2013 real estate market in Scarsdale, Jason Wilson of Julia B. Fee Sotheby's of Scarsdale said "2013 was an amazing year highlighted by bidding wars. Sales for homes in Scarsdale priced above $4.5 million were up versus 2012, while the market for homes in the $2.5mm to $3mm range saw a decrease in volume. Prices for the Scarsdale market overall in 2013 were flat, transaction and sales volume were up year over year and so was consumer confidence in real estate."

His predictions for next year: "2014 will be the year of the final rollout of the Dodd-Frank mortgage guidelines and we will see more sellers move up from Manhattan. The market in NYC will continue to be on fire and customers will appreciate the value proposition that Scarsdale provides for their lifestyle and as an investment. However, the new Dodd Frank act mortgage guidelines that will go into effect in 2014 will mean more paperwork, longer processing times, and a difference in the way bonus income and regular income are recognized."

Mark Nadler, President of Prudential Centennial said, "I think you are going to see a strong market for sellers out of the gate in 2014. Many sellers may be encouraged to list houses as the media talks about strong demand and low inventory. I do expect the usual bidding wars and multiple offers per listing as long as sellers price their homes within reason.

The questions are how will rising interest rates and a sluggish job market in terms of pay increases affect the sustainability of a hot market. My prediction is a strong market through May when momentum will begin to fade. Tough winter weather will also have a negative impact on sales in January and February. I also think there will be an increase of buyers moving from NY City in a post Bloomberg era.

Linda Roth, Branch Office Manager of Coldwell Banker in Scarsdale said, "2013 was an exceptional year in the Scarsdale /Edgemont and lower Westchester market, with many multiple bids and over asking accepted offers. As the economy improves and the inventory remains low and the demand for homes remains strong, 2014 will be another exciting year with rising prices. Nationally the real estate market has improved 20% so across the board it's going to be another fabulous year.

Lewis Arlt of Houlihan Lawrence in Scarsdale offered a look back on 2013 and his prediction for the coming year: "With strong demand, Scarsdale Village sold 237 single family homes in 2013, tying the 2007 ten-year record for most sold in a year. Median prices had appreciated gradually every year since 2009, but settled two percentage points in 2013 to $1,297,500, indicating that while well-priced homes could go over asking, buyers still had a handle on their perception of value."

Arlt continued, "With demand expected strong for 2014, and pent-up supply coming on the market to match, we anticipate a brisk spring. Factors to watch, however, include the full implementation of Dodd-Frank, and the likelihood of rising interest rates, limiting buying power. Other factors may include the New York City buyer, who made up a larger than usual portion of 2013 buyers, and who may be watching the new mayor's taxing policies, contemplating a move to Westchester; and the village revaluation, which may have an impact on long-time residents. Will prices as a whole appreciate in the coming year? The best guess is that they if they do, it will be gently, and on properties which match buyers' needs and for which buyers agree on value."

Sales:

50 Brookby Road: Elegant 6,000 square foot home newly built in Heathcote by established builder on a private landscaped level 1/2 acre with room for a pool. Features include seven bedrooms, circular driveway and an additional 2,700 square feet on lower level. Option to finish third floor and garage loft.

Sale Price: $3,885,000
Real Estate Taxes: TBD

18 Eton Road: (Pictured at top) Beautiful sun-filled Colonial in estate section of Greenacres. Set on 1.14 private acres including: 20 x 47 heated pool, large patio, kitchen, great room. 16 large rooms on four floors. Two story entrance. Master bedroom suite with balcony plus four bedrooms and three baths. Third floor playroom, lower level gym, game room and wine cellar.

Sale Price: $2,800,000
Real Estate Taxes: $62,836

54 Paddington Road: Sunny, gracious five-bedroom, four-and-a-half-bath Colonial with spacious and open floor plan. Two story entry leads to expansive updated eat-in-kitchen with granite counters that opens to large family room with doors to stone patio. All rooms are generously proportioned with architectural detail throughout. Private landscaped back yard. Close to train, shops and schools.

Sale Price: $1,700,000
Real Estate Taxes: $46,429

2 Herkimer Road: Fabulous home backing on golf course.. Beautiful stonewall enhances the grounds on .63 acres. Gracious living room with wood burning fireplace and French doors to stone patio. Formal dining room with fantastic views of the golf course. Kitchen, half bath and den/library. Three bedrooms and large bonus room on second floor. Large master suite with fireplace and updated bath.

Sale Price: $1,400,000
Real Estate Taxes: $32,282

92 Brown Road: Four bedroom, 2 and 1/2 bath 2396 square foot Colonial built in 2000. Convenient to all. bus to Fox Meadow Elementary School and Scarsdale Middle School... Location and price make for a winning combination.

Sale Price: $987,500
Real Estate Taxes: $24,652

7 Sycamore Road: Lovely classic Colonial on corner, level property with spacious rooms, hardwood floors and updated baths with Kohler fixtures and tumbled marble. Enjoy the family room with stone fireplace open to the kitchen with door out to huge rear deck. Many features include updated 6 panel doors, crown molding, recessed lighting, lots of closet space, sprinkler system for lawn and bay window in living room.

Sale Price: $923,000
Real Estate Taxes: $28,418

2 Sherwood Place: Edgemont: Spacious home in mint condition. Nestled high on a hill overlooking Scarsdale Village, this four bedroom 3 ½ bath home has all the bells and whistles. Large living room with cathedral ceilings and fireplace. Formal dining room, gourmet eat-in kitchen with custom cabinets, granite countertops and top-of-the-line appliances. Three bedrooms with attached bathrooms. Huge family room. Baths totally updated. Shiny hardwood floors.

Sale Price: $820,000
Real Estate Taxes: $28,600

22 River Road: Sun-filled Greenacres Colonial beautifully maintained on lovely .34 acre property. Large kitchen with center island, main floor laundry room, and a short walk to the Hartsdale train station.

Sale Price: $800,000
Real Estate Taxes: $16,376

130 Round Hill Road, Edgemont: Opportunity to build your dream home in a perfect location. This property, surrounded by multi-million dollar new construction homes is ready to be rescued. Renovate and expand the existing ranch home or build new completely to your specifications. Elevated location across from undeveloped land owned by the high school. Short stroll to the school and to the pond. Beautiful natural setting.

Sale Price: $800,000
Real Estate Taxes: $23,835

Featured Listings:

40 Morris Lane, Scarsdale: This distinctive and much admired 8,825 sq ft, 6 bedroom, 4.2 bath residence is situated on 1.8 pristine level acres in the Scarsdale estate area. Stately and welcoming with a picturesque circular drive, this magnificent home with well-appointed rooms offers the perfect setting for gracious living and entertaining. The lush ground with heated swimming pool, mature trees, one with a playful tree house, provides enjoyment with tranquility and privacy. This outstanding residence is close to all and just 30 minutes to NYC! Learn more here:

List price: $8,800,000

22 Aspen Road Scarsdale: Easy living. This gorgeous, sun-drenched contemporary home has been completely transformed for today's modern lifestyle. Nestled on a quiet .35 acre lot in a desirable Scarsdale neighborhood, it offers 5 bedrooms, 3 1/2 baths, gas heat, central air, upgraded electric, hardwood floors, 2-car garage, updated EIK w/SubZero and granite countertops. Open layout is perfect for entertaining. Huge windows and gorgeous views everywhere. Free bus to elementary schools and Scarsdale High School. Walk to shops and middle school. Learn more here:

List price: $1,685,000

57 Carthage Road Scarsdale: Extraordinary details and high end finishes define this 2005 sophisticated custom home set on professionally landscaped property with stone patio. Beautiful hardwood floors, 9' high ceilings, 4000 sq. feet of luxurious living space, 5 bedrooms, 4.5 baths, 3 zone heat and AC. Fabulous custom chef's kitchen with professional stainless steel appliances, center island and comfortable family room with fireplace, built-ins, French door to patio. Walk to school, shops, restaurants, School, pool and tennis, commuter's bus to train. Learn more here:

List price: $1,850,000