Real Estate: A Bifurcated Market

It’s an interesting time in the real estate market. There is indeed a shortage of homes available – only 31 in the Scarsdale School district were on the market as of earlier this week. And many of those are at very high price points.

From our analysis we see that of the 31 homes on the market:

-14 are listed at more than $4 million
-18 are listed at more than $3 million
-24 are listed at above $2 million

In the $2 million and under price point there are only 8 homes for sale or 26%.

And eight or 26% of the homes are new construction.

We asked Anne Moretti, Associate Broker with Julia B. Fee Sotheby's for her thoughts on why so many of the homes on the market are in prices out of reach to most buyers. She pointed out that there are actually currently another 22 pending sales of homes priced below $2 million.

About the wide disparity in prices of home remaining on the market she said, “It’s a bifurcated market where listings below $1mm come and go in the blink of an eye while the upper end has about a year of inventory so those houses typically can sit for much longer. Also seasonality is a greater factor for homes under $2 million as the timing of school schedules motivates those homebuyers to wrap up their home purchases in the spring and summer. Although buyers of all price ranges are out looking now, sellers in this sector tend to hold off on listing their homes as they await the spring market. Ironically, statistically, the ratios favor home sellers at this time of year, despite the lower number of buyers since competing inventory is lacking. As you point out, we have a lopsided market right now with disproportionately large number of high end listings on the market.

Commenting on the market in general she said, “There is an unprecedented lack of inventory currently and sales are impacted by high mortgage rates.”

Sales
43 Lockwood Road
This Quintessential Center Hall Brick Colonial sits beautifully on a corner of lush, manicured property. Located in the highly desirable Crane-Berkley neighborhood of Fox Meadow, this sun-filled and elegant home has been thoughtfully renovated and expanded with the finest finishes, while maintaining its character and architectural integrity. Today’s discerning buyers are looking for this much desired modern layout; open concept kitchen/mudroom/family room, dedicated first floor office, au-pair suite, lower level family living space, luxurious primary bedroom w/two walk-in closets, three spacious bedrooms (one being en suite), second level laundry room, two-car garage w/separate entrance and GarageTek organization system. The eat-in kitchen features a large center island w/Quartz countertops, wine cooler and professional grade appliances. There are radiant heated floors in the kitchen, family room, three second level baths, lower level recreation room and bath, plus indoor/outdoor speakers and Sonos set up in the kitchen, family room, living room and lower level. The back patio is ideal for barbecuing and entertaining and the level yard offers plenty of natural privacy and room for a play set. The square footage includes 681 in the lower level.
Sale Price: $3,020,000
Real Estate Taxes: $44,581.44
Assessed Value: $2,150,000

21 Autenrieth Road
Graceful Brick Georgian nestled beautifully on .55 acres of a private oasis in the most coveted location, features an in ground heated pool, extensive wrap around decking, 2 garages, private parklike property, perfect for gardens and gatherings. Vintage finishing details, high ceilings, hardwood floors and an expansive entrance foyer graces this 6 bedroom, 4 full/2 half bath home which has generously sized rooms throughout with a sundrenched Eat-in Kitchen (w/radiant heated floors)/Family Room, peaceful Home Office and/or Library, inviting Living Room and Formal Dining Rooms both with handsome fireplaces and classic molding details. Upstairs, the Primary suite enjoys a wood burning fireplace, private marble bath (w/radiant heated floors) , double vanities, Jacuzzi, stall shower, walk-in closets and separate Home Study. An En-suite Bedroom plus 2 more Bedrooms and hall bath complete this level. Finished upper level offers 2 bedrooms and hall bath perfect for a teenager sanctuary/or multiple home offices. In the Lower Level there is an attached 2 car garage, 1/2 bath and room for recreation. ADDITIONALLY there is a separate and architecturally compatible oversized 2 car garage with unfinished storage above that offers space for the imagination. A tranquil refuge you will love coming home to!
Sale Price: $2,785,000
Real Estate Taxes: $49,979.81
Assessed Value: $2,400,000

33 Lockwood Road
Welcome to your dream home in the prestigious Crane Berkeley section of Scarsdale. This stunning 5 bed 3.1 bth Colonial is an ideal spot for a family. The large living room has ample natural light providing the perfect backdrop for relaxation & entertaining. A formal dining rm abuts the eat in kitchen w/ stainless appliances, granite countertops, 6 burner Viking stove, office area & door to level backyard w/patio & awning to host gatherings or just unwind. A powder rm, family rm w/fpl & sliders to the garden complete the 1st level. The large primary bedroom features an ensuite bath, office/dressing room & walk-in closet. 3 addtl bedrooms & hall baths offer great space for families. A finished lower level (addtl 1482 sq ft) has great play & storage space, addtl bedrm/exercise rm, full bth, laundry & utilities. The Crane Berkeley Assn dues ($450/year) help maintain the pond, park & neighborhood family activities.
Sale Price: $1,900,000
Real Estate Taxes: $36,266.85
Assessed Value: $1,800,000

224 Old Colony Road
Welcome to this exquisite and captivating home nestled in the coveted Edgemont school district. This elegantly designed property is a true gem that exudes immaculate charm and modern luxury. As you approach the front entrance, you'll be captivated by the timeless allure of the meticulously maintained exterior, complete with manicured and easy to maintain landscaping and a charming white cedar fence. As you step inside, you'll instantly be enveloped by the warmth of its open and light-filled living space. Its well-appointed layout includes a large living room with fireplace and picture window, a family room with French doors that lead to a lovely patio, a stylish dining room, and a powder room adjacent to the laundry. The heart of this home is the modern eat-in kitchen, boasting sleek soapstone countertops, state-of-the-art appliances, a spacious center island, a large bay window with a sweeping view and an abundance of storage. The 2-car garage completes this floor. The second floor is equally impressive with an elegant primary suite that features an oversized walk-in closet, a second bedroom that leads to a large private terrace with inspiring views, two additional bedrooms and a hallway bath. This remarkable home is move-in ready, just waiting for you to unpack and start enjoying the serene beauty and luxury it has to offer. Don't miss out on the opportunity to own your dream home!
Sale Price: $1,650,000
Real Estate Taxes: $33,690.61
Assessed Value: $1,083,700

122 Edgemont Road
A quintessential & timeless beauty in one of Edgemont's premier neighborhoods. A Colonial Style Charmer with tons of Curb Appeal, it also has an Ideal Layout, including 5 Generously Sized Bedrooms, 3.5 Baths, fabulous Indoor/Outdoor Entertaining Space, & Convenience at its best! With a floor to ceiling picture window, hardwood floors, high ceilings, private yard, and a rear porch with sweeping views, this home has an abundance of charm and is made for entertaining. It also has a wood burning fireplace, pocket doors that open to a formal dining room with wainscoted walls and built-in bookcases, a kitchen with soapstone counters, and a first-floor powder room with an original stone wall. The second floor has a large Primary bedroom with a private bath and its own sunroom that enjoys great light and wonderful views. Two sizable bedrooms and a full bath round out the 2nd floor, while the 3rd floor has 2 additional bedrooms or offices and a bathroom with an original, clawfoot bathtub. The basement is partially finished, has its own entrance, and is perfect as a play area, exercise space or TV room. The unfinished portion has a workshop, utility room and additional storage. Beneath the rear porch is a whimsical, two-level playhouse! For added peace of mind, it comes with a full-home generator. This home is ready and will not remain on the market long.
Sale Price: $1,357,500
Real Estate Taxes: $30,762.35
Assessed Value: $943,500

29 Tamarack Trail
Ideally situated on a dead-end street abutting a nature preserve, this home offers privacy and mid century architectural details. The spacious foyer has ample closet storage; every coat, shoe, and piece of outdoor gear will have its place. Sunlight streams through the windows and sliding glass doors in the primary living area featuring an open floor plan, newly refinished floors, and vaulted ceilings. The eat-in-kitchen is appointed with ample cabinet storage, counter prep-space, gas range, and Bosch dishwasher. The lower level offers additional space for family, friends, or working from home. Spacious recreation room with sliding glass door to the patio, office that can be used as additional guest space, and powder room. Retreat to the primary suite with three closets and ensuite bath. 2 more spacious bedrooms and a hall bath with Jacuzzi tub. Enjoy the outdoors on the spacious deck, patio and balcony.
Sale Price: $1,060,000
Real Estate Taxes: $31,135.73
Assessed Value: $985,900

Featured Listings





21 Brite Avenue, Scarsdale
5 Bedrooms, 5.1 Bathrooms, 4,200 Square Feet
Chic Fox Meadow Colonial nestled sublimely on a full half acre is a sophisticated family refuge within walking distance to village, all schools and library. The 2007 renovation/expansion was a smartly progressive redesign creating a seamless living flow with just the right contemporary flair. A chef's delight, an open concept Kitchen with 2 sinks offers an abundance of bespoke lacquer Poliform cabinets, noted for their attention to modern flare and functionality, stainless steel Miele/Viking appliances including an oversized Sub Zero refrigerator, separate freezer drawers, warming drawer, double convection ovens, 5 burner cooktop and dishwasher. The generous counter space and the oversized centered island, which seats three comfortably are clad in subtle gray Quartzite with a stunning backsplash/full wall of mother of pearl mosaic. Additionally, there are custom designed frosted glass pocket doors if the chef is not wanting an audience while creating. This smart layout includes a mudroom with shoe cabinets/lockers, access to a brick patio and the lush backyard all with a radiant heated flooring which extends into the dining area. The family living space is expansive, enjoying a wood-burning fireplace and contemplative scenery through windows and doors leading to the supremely peaceful and verdant yard. There are two home offices, both equally private and both with fireplaces, an inviting sun drenched upstair foyer, 5 bedrooms, 3 with en-suite bathrooms, 2 sharing a bathroom and the convenience of a 2nd Laundry. The Primary Bedroom is its own slice of heaven with a stylish vaulted ceiling, Juliette balcony overlooking the magical property, large outfitted walk in closet and luxurious spa like marble bathroom with double sinks, Jacuzzi, oversized shower and separate w/c. Uninterrupted sunlight dances throughout this fashionable home with skylights, glass stair panels and banks of windows. There is +450 square feet of accessible attic space by a modern open staircase +660 square feet of finished living space in the lower level with gym/playroom, Laundry room, which offers fabulous storage cabinets with expansive countertops perfect of party prepping or arts and craft projects. Additionally there is a full bath, second Home Office, separate storage room and utilities.
Click here for more information
Sale price: $2,999,990






1 Rochambeau Road, Scarsdale
6 Bedrooms, 3.1 Bathrooms, 4,713 Square Feet
Impressive 6 bedroom Tudor on a most desirable Fox Meadow street with private level backyard is close to Scarsdale village and train. Many updates include: new windows, updated kitchen and bathrooms, 4-zone central air conditioning and much more. The family room has a vaulted ceiling, hewn beams and dramatic fireplace is the perfect place for hours of enjoyment. Upstairs there are four bedrooms and two bathrooms and a connection to an additional two bedrooms and Jack and Jill bathroom. The layout has great optionality. The windowed lower level playroom with 10' ceiling is great for workouts and fun. Square footage includes 959 square feet in the lower level.
Click here for more information
Sale price: $2,395,000