For Sale in Scarsdale: A Surge in Premium Priced Homes

Though some realtors and residents are laying the blame for a stagnant market for premium homes on Scarsdale's tax revaluation, it's clear there are more factors in play than tax rates.

Nationally, an article in the Wall Street Journal on April 5, 2016 says that prices for luxury homes are being reduced, due to a slowdown in sales. And a recent report on first quarter sales in Westchester County from Julia B. Fee Sotheby's notes that sales of more modestly priced homes are up, but this does not hold true for the luxury market.

In southern Westchester, first quarter sales were strongest on properties priced below $2 million. Overall sales volume rose 13% for the first quarter of 2016 over 2015, indicating that demand is strong. In Scarsdale 43 homes sold in the first quarter of 2015, versus 30 in the same period in 2015, though the median sales price fell from $1,568,000 to $1,450,000. So Scarsdale is not alone in seeing a surge of buyers seeking homes priced between $1mm and $2mm.

Can Scarsdale meet the demands of these buyers? A closer look at the market shows that developers have been aggressively buying up and tearing down smaller or older homes and replacing them with premium priced homes that buyers may not be able to afford. There are currently 71 homes on the market in Scarsdale priced at $2,900,000 and above, and among these, 33 of the listings are for new homes.

Lewis Arlt of Houlihan Lawrence reported that inventory of homes priced from $3mm to $5mm almost doubled, with 63 active listings this year compared to 32 in that price range at the same time last year.

Commenting on the market, Arlt said, "Softening in the luxury home market is not due only to village taxes, but a widespread phenomenon. High end product is sitting everywhere. It may have many contributing factors: the stock market, the economy in general, uncertainty in the world, etc., but for whatever reasons, $3M+ buyers around here are scarce, and in some cases they're simply not perceiving value. There's an oversupply at the high end, and too many entry-level buyers for the scarce supply we have. Creating new entry-level housing, or upgrading existing stock, are tempting responses to the demand. But, the price of land in some local neighborhoods is expensive – too high for developers to build anything but a higher-priced home in order to make sufficient profit. So there's the conundrum."

In Scarsdale, there is clearly a surge in inventory of homes that buyers cannot afford. If developers could produce more entry level or moderately priced homes, their product would be priced to sell. Instead, too many large, pricey homes are sitting on the market. Listings for these new homes do not even include real estate taxes, as they are not assessed until the sale is recorded.

Here's a list of the 33 new homes priced at $2,900,000 and up that are currently for sale in the Scarsdale School District.

28 Garden Road
14 Reimer Road
31 Murray Hill Road
20 Sherbrooke Road
27 Murray Hill Road
1 Paddington Road
33 Oxford Road
3 Sherbrooke Road
31 Paddington Road
21 Rectory Lane
56 Brite Avenue
109 Carthage Road
20 Meadow Road
117 Fox Meadow Road
38 Sage Terrace
53 Lincoln Road
3 Bradford Road
21 Rural Drive
4 Murdock Road
29 Fairview Road
3 Seneca Road
241 Rock Creek Lane
17 Gatehouse Road
20 Sherbrooke Road (1 acre)
40 Sage Terrace
66 Brookby Road
11 Rural Drive
55 Greendale Road
50 Graham Road
2 Harvest Drive
42 Huntington Avenue
2-4 Weaver Street

Sales:

5 Seneca Road

This Heathcote colonial has a double story entrance hall, dining room with coffered ceiling, living room with a wet bar and wine refrigerator, deck accessed from both the kitchen and family room, and a chef's kitchen with Quartz counter tops, island with sink, Viking double oven, warming drawer, two dishwashers, six burner Viking stove top, full size Sub Zero refrigerator plus a full size Sub Zero freezer. On the second floor, there is a laundry room and a master suite overlooking private golf course views with two walk-in closets, master marble bath with radiant heated floor, double Quartz vanity, large shower and separate Air Tub. In addition, there are family bedrooms with full bathrooms. There is a walk up full attic and a three car garage.

Sale Price: $3,150,000
Taxes: $34,408

28 Heathcote Road

Collette built Georgian brick colonial located in Murray Hill with custom built ins, detailed moldings and archways and hardwood floors. There is a three car garage, a mudroom, back staircase and level property. Upgraded mechanicals include new lower level air conditioning/heat (three years old) and hot water tank (two years old).

Sale Price: $2,300,000
Taxes: $77,885

10 Cornell Street

This five bedroom, 4.2 bath 5,000 square foot home is set on professionally landscaped .56 acres with a bluestone patio off the kitchen/family room. Features include vaulted ceilings, six skylights, banks of windows, two family rooms, ten foot ceiling in the center hall, two fireplaces, private guest room/office/updated bath on main floor, master suite with tray ceiling, with door to deck and large dressing room with closets, laundry/mudroom next to garage off kitchen and a circular driveway. Updates include granite kitchen countertops, two updated bathrooms, custom built-ins and cabinetry in family rooms, two new furnaces and one new central air conditioning unit, exterior painted, and the roof recently redone.

Sale Price: $1,708,000
Taxes: $39,586

2 Garden Road

This home is on .87 acre property in Greenacres.

Sale Price: $1,200,000
Taxes: $32,770

Edgemont:

367 Evandale Road

This house is located in Fort Hill Estates on level property with mature landscaping in the front and rear of the house.

Sale Price: $1,550,000
Taxes: $29,000

Featured Listings:

30 Tisdale Road, Scarsdale

Enjoy breathtaking Crane-Berkley Pond views from this architecturally stunning Center Hall Colonial on 3/4 acre of beautifully landscaped Fox Meadow property. This home was thoughtfully crafted with the most discerning buyer in mind. The sweeping Williamsburg inspired staircase is the focal point of the Grand Entry. The Eat-In-Kitchen with banquette seating, center island and Butler's Pantry will delight the family chef and guests can relax in the open Family Room with built-ins leading to a covered Patio overlooking a 6 acre private park. The Grand Dining Room and Living Room are ideal for formal entertaining with fireplace and detailed built-ins, moldings and graceful arches. A Formal Library with built ins and adjacent full Bath and Mudroom complete the first floor. The fully renovated Lower Level is a phenomenal space for indoor/outdoor entertaining with French doors to Patio, 2 additional Bedrooms/media room, 2 full Baths, summer Kitchen, Gym, Laundry/wrapping room and a 2,500 bottle Wine Cellar. No detail has been overlooked! Ideally located with a short walk to the train, shops, restaurants, bus to school and more. An amazing opportunity to enjoy the best of Scarsdale! For more information, click here.

List Price: $4,250,000

11 Brittany Close, Scarsdale

Last opportunity to own an extraordinary English manor home designed by renowned architect in an award-winning neighborhood. Each property is set around a picturesque and tranquil walking trail and pond amidst a landscaped garden with flowering trees/perennial plantings. This architectural masterpiece on almost one acre of pristine land has soaring ceilings, exquisite custom moldings, top of the line finishes and an ideal layout. 1st floor has a bedroom/full bath, mudroom situated off the 3-car garage, state of the art kitchen with butler's pantry, breakfast room, family/living rooms, each with its own fireplace, grand dining room, powder room, 2 outdoor patios and laundry. Master suite has a tray ceiling, two walk-in closets, sitting room/office, luxurious bath, fireplace and balcony. 3 additional bedrooms/baths and large attic. Lower level has bedroom/bath, 2 playrooms, arts and crafts area and additional storage. Full house generator, custom playground. For more information, click here.

List Price: $3,777,000

50 Graham Road, Scarsdale

Unique combination of architectural flair, luxurious modern finishes and best-in-class craftsmanship. A contemporary flow interacts with natural light in all rooms. The house offers privacy, as well as easy access to multiple amenities. High ceilings enhance the elegance of all living areas. A sun-lit, soaring center hall entrance leads to the living room and formal dining room. The gourmet kitchen opens to a comfortable family room. Easy access to the yard allows enjoyment of an outside covered porch that is ideal for entertainment. The 1st floor office with views of the backyard has access to a full bath. Upstairs is a private master wing, plus 4 comfortable bedrooms, all filled with natural light. A large accessible lower level offers multiple recreational possibilities. Luxurious finishes, attention to detail, exceptional workmanship and energy efficiency distinguish this experienced Westchester builder/developer. Additional 500+ sf. over garage, could be finished at a later date. For more information, click here.

List Price: $3,150,000

2 Harvest Drive, Scarsdale

Exquisite custom home to be built with exceptional architectural details and ideal floor plan in convenient location. Grand two story entry hall with formal living room with fireplace, dining room, Huge eat-in-kitchen with breakfast area and family room with french doors to patio. There is also a mudroom and access to two car garage from first floor. The master bedroom suite has his and her walk in closets, there are 4 additional bedrooms all with their own en suite bathrooms. The laundry room is also on the second floor. The lower level is an additional 1966 square feet that will be finished and customized with potential for a playroom, gym, office bedroom, and a full bath. This is an opportunity to work with a local builder who lives in the community and will work with a potential buyer on every detail of customizing this home in an ideal location. For more information, click here.

List Price: $2,995,000

102 Penn Road, Scarsdale

This impressive Center-hall Colonial has beautiful architectural features throughout including hardwood floors and a sunken living room with fireplace. A large oversized kitchen with separate breakfast area and doors to the backyard are perfect for entertaining. Open and bright family room welcomes one with beautiful views of the private backyard. Additional home office is also open to a bright sun room with sliders to the backyard and pool. Upstairs are four bedrooms with three full bathrooms. The gracious and huge master bedroom suite features a master bathroom and an extremely unique sitting room with private veranda overlooking the garden and pool. The basement features a full bathroom and additional home office/bedroom and plenty of storage. For more information, click here.

List Price: $1,499,000

8 Stony Gate Oval, New Rochelle

Crisp, elegant, comfortable and perfect are only a few of the words describing a "feast for your eyes" when entering this wonderful home. High ceilings and an open floor plan welcome you to your dream home. You move seamlessly from room to room while sunlight streams throughout the house. A multitude of features in the house include very high ceilings, beautiful built-ins and speakers in many of the rooms. A built-in entertainment cabinet is a unique feature of the first floor den. The first floor master bedroom and luxurious master bath are an oasis of serenity. The chef's kitchen features granite counter tops, DCS 6-burner range top, double ovens, plus a spacious pantry. The unique stainless steel stair banister is a must see. Relax and enjoy. For more information, click here.

List Price: $1,484,000