Disappointing First Quarter Homes Sales for 2018

Home sales for 2018 are off to a slow start in Scarsdale, while Edgemont appears to be holding its own. For the first quarter of 2018 there were just 26 closings in Scarsdale, in comparison to 48 for the first quarter of 2017, a 46% drop, while in Edgemont, 11 homes closed in the first quarter of both 2017 and 2018.

The median selling price in Scarsdale was also lower - $1,778,000 for 1Q 17 vs. $1,601,000 in 1Q 18. This is surprising, because there were three sales in the $6 million range in February. In Edgemont, the median sale price fell from $1,350,000 in 1Q 18 to $1,190,000 for the first quarter of this year.

Could we be feeling the effects of President Trump’s new tax bill that limits mortgage deductions and eliminates the deduction for real estate taxes? Perhaps it has decreased the buying power of potential customers. In addition, the funky spring weather, power outage, spring snowstorms and colder than average temperatures could not have helped. With all these weather challenges, homebuyers may have been discouraged from driving north.

Despite these grim statistics, there were some sales this week – and there will be many open houses this coming weekend, when the forecast is for sunshine and warmer temps.

Explaining the sales results, Brad Kimmelman, Managing Broker at Julia B. Fee Sotheby’s said, “Uncertainty surrounding the new tax bill in November and December of 2017 fueled fear in buyers which halted deposits and contracts that effected closings in the first quarter of 2018. The weather was no help either. Deposits and contracts are way up going into Q2 and we are expecting a robust remainder of 2018!"

(Stats from Julia B. Sotheby’s Spring Market Watch)

Sales

28 Lawrence Road28 Lawrence Road: Bright and sunny home with 6 bedrooms all with their own ensuite bathrooms, including a first floor bedroom. Wonderful flow with the family room located next to the over-sized gourmet chef's kitchen with an island, top of the line appliances, and special veined quartz countertops. Great mudroom off the garage. Fabulous lower level with nanny suite and huge play area. Much needed closet space throughout. The master bedroom suite has a luxurious marble bathroom with separate tub and shower plus 2 walk-in fitted closets.

Sale Price: $2,434,198
Real Estate Taxes: TBD
Assessed Value: TBD

1205 Post Road: Lovely Greenacres colonial professionally renovated with tasteful design and details. Large colonial with an open floor plan, formal dining room, huge chef's kitchen formal living room with wood burning fireplace, large sun room, large entry foyer with powder room bright and sunny rooms, huge master suite with large walk-in closets, second bedroom with en-suite bath, two additional large bedrooms with large closets, third full bathroom, full finished basement with full bath, exercise room garage access and laundry room.

Sale Price: $1,630,000
Real Estate Taxes: $34,215
Assessed Value: $925,000

154 Fox Meadow Road: Bright and spacious home with open floor plan features a renovated kitchen with granite countertops, stainless steel appliances and sliders to deck and expansive yard. Renovated baths., spacious bedrooms including a first floor master bedroom/renovated bath. finished basement with great play space, office area, laundry and ample storage space. new electrical, plumbing, heating/ac system. Super convenient location.

Sale Price: $1,300,000
Real Estate Taxes: $28,531
Assessed Value: $1,175,000

1 Brook Lane East, Hartsdale: Edgemont country colonial on private 1.18 acres of park-like property. This home has many special features: four bedrooms with additional nursery/office all on the second level, updated white kitchen with granite counters and breakfast bar/skylight, light-filled breakfast/sitting room with picture frame window and French doors to slate patio, expansive family room, hardwood floors, two car garage and freshly painted exterior.

Sale Price: $999,999
Real Estate Taxes: $39,789
Assessed Value: $1,243,400

75 Carman Road: Adorable ranch home is located in a quiet neighborhood close to school, park and commuter bus to Scarsdale Village. This sunny, well-maintained home has 3 bedrooms, 2 baths, gleaming hardwood floors, central air, one car garage, and plenty of unfinished space on the lower level.

Sale Price: $705,000
Real Estate Taxes: $20,671
Assessed Vale: $850,000

Featured Listings

11 Reimer Road, Scarsdale
Live the ultimate luxury lifestyle in this spectacular residence. Situated on 1.35 acres of lush manicured property with specimen plantings, this young custom home is filled with sunlight, high ceilings, five fireplaces, rich hardwood floors, exquisite millwork and magnificent architectural details. Learn more here:

List Price: $7,250,000

15 Jared Drive, White Plains
Gracious and sparkling 3 bedroom townhome in sought after Gedney Commons.Just minutes from the happening scene of downtown White Plains. Come to Gedney Commons where living is elegantly easy! Learn more here:
List Price: $850,000

Open Houses

6 Cambridge Road6 Cambridge Road, Scarsdale, Open House 4/22, 1-3
Newly constructed exquisite 6 BR, 5.1 bath Colonial designed with an impressive array of amenities for the discerning buyer. Learn more here:

17 Columbus Circle17 Columbus Circle, Eastchester, Open House 4/22, 1-4
Fabulous center hall Dutch Colonial in sought after California Ridge, 5BR’s, 3.1 baths. Learn more here:

In honor of Earth Day, Houlihan Lawrence has scheduled a series of coordinated Open Houses, with dozens of local listings to visit. They will be giving out seed packets to help you plant new roots. Click here for more information.