Heathcote Manse on 5+ Acres Sells for $5.5 Million

Scarsdale real estate was in the news again this week with an article about the revaluation by NY Times reporter Joseph Berger. Citing the fact that 735 homeowners were filing appeals to their assessments in state court, he spoke to a few owners of large homes who received significant increases in their assessment during the revaluation which went into effect with the June 2014 tax role. He also quoted attorney David C. Wilkes who is representing 40 homeowners who feel they have been unfairly assessed, claiming, "If it's a tax on wealth and it's not related to income, it forces people, especially seniors, out of their homes."

However, Bob Berg, who is a member of the Board of Assessment Review sees it another way. He says, "older mansions like those on Heathcote were hit hardest because they had not been assessed in decades. "They deserve to be hammered," he said. "The lesser-valued property owners were subsidizing the rich ones."

Is this really news? Or is it getting attention since some of the wealthiest residents are making the most noise. After all, if 753 homeowners --or approximately 12% of Scarsdale homeowners --believe that they are paying more than their fair share, that means that another 88% think that their new assessments are reasonable. Recent sales have shown that the new assessed values, which are meant to represent market value, have been on target for the most part and many are selling well above their assessed value. But this week, 18 Heathcote Road, which is assessed at $6,901,000 sold for $1.4mm less than it's assessed value at $5.5 million. With annual real estate taxes of $195,000, perhaps this was a tough property to sell.

Take a look at the article here:

Sales:

A 17- room house on over 5 acres at 18 Heathcote Road that at one time was listed for $12,995,000

in 2012 sold this week less than half that amount. We profiled the house in 2012 and learned that it once belonged to Leonard and Virginia Marx who in 1985 was on the Forbes list of the 400 richest Americans. A bequest of $300,000 was made by the Leonard Marx Foundation to the Scarsdale Library in 2007 and the funds were used to build the reference room.

The house again made news in 2014 when an application was filed to demolish it. The Committee for Historic Preservation approved the request in October and presumably it will be taken down.

18 Heathcote Road, Scarsdale: Remarkable and expansive residence located in Heathcote Estate Area. Situated on 5.39 exquisite acres with a pool and tennis court, this elegant, sprawling Colonial features stunning architectural details of a bygone era coupled with graceful and luxurious amenities such as a deluxe gourmet Clive Christian Kitchen. Adjoining family room features beamed ceiling and walls of windows overlooking tranquil and lush grounds. Attached guesthouse.

Sale Price: $5,500,000
Real Estate Taxes: $188,384

25 Walworth Avenue, Scarsdale: Beautifully renovated Greenacres center hall colonial with exceptional architectural details and craftsmanship. It is found in a most desirable and convenient location with a short walk to Metro North train station, restaurants and shops, elementary school and playground. This 5 bedroom, 3 bath and 2 half baths, 4,646 square foot home showcases an open, bright and spacious flow creating a comfortable and welcoming environment ideal for both entertaining and enjoyment. A fabulous chef's kitchen with granite island and stainless steel appliances and adjoining family room both with French doors open to large deck. New hardwood floors, new bathrooms, wonderful master suite with walk-in-closet and charming guest bedroom complete with a private porch. Square footage includes lower level.

Sale Price: $1,705,000
Real Estate Taxes: $32,112

194 Madison Road, Scarsdale: Edgewood Colonial: Living room with a fireplace, stainless steel and granite kitchen; new bath three bedrooms, a full bath, linen closet, and a second washer and dryer. There are hardwood floors and carpets throughout the house. Full attic, deck off kitchen, a flagstone patio with a hot tub, and secluded fenced yard.

Sale Price: $757,500
Real Estate Taxes: $14,846

Featured Listings:

11 Aspen Road, Scarsdale: Gorgeous Mid-Century Modern totally and impeccably renovated in 2009. This bright home has incredible flow for both grand entertaining and daily life. Ultra chic new kitchen with top-of-the-line stainless steel European appliances (don't miss the built-in Miele grinder/coffee maker) and stone counters; completely new stylish baths; numerous built-ins and custom closets; all new roof and Hardiplank siding; new 5-zone HVAC and giant hot water heater; all new custom Marvin windows; huge new deck, fenced yard; completely new landscaping with elegant up-lighting and in-ground sprinkler system. Conveniently located on tranquil street in wonderful neighborhood right near playground, pool, park, schools, bus, shopping, restaurants and houses of worship. Free bus to elementary and high school. Learn more here:

List Price: $1,995,000

21 Chedworth Road, Scarsdale PO, Edgemont: Stunning stone English Colonial in the heart of Edgemont's Cotswold. Sweeping .29 acre with level backyard. Gorgeous interior details at every turn including three fireplaces, beamed living room ceiling, carved, plaster relief in dining room. Modern kitchen open to a bright lovely family room with skylights and French doors to slate patio. The only all stone home in Cotswolds. 17-minute walk to Scarsdale train, 2 minute walk to commuter bus to train. 4 minute walk to bus from Central Ave. to NYC. Learn more here:

List Price: $1,679,000