The View from Edgemont and Some Big Home Sales

The Edgemont real estate market has gotten some bad press lately but Caryn Balamaci, an Associate Broker with Coldwell Banker Residential Brokerage in Scarsdale, says that the Edgemont real estate market is actually doing well. There have been approximately 45 sales of single-family homes this year, with another 11 under contract awaiting closings, along with 23 coop sales. In comparison there were 62 single-family home sales in 2010 and she predicts that the forecast for 2012 looks good. She expects a strong market in the spring. Right now there are 64 homes for sale in Edgemont with the lowest priced at $550,000, a great price to get into your own home in an excellent community. It is a buyers' market and great deals are everywhere.

What do new buyers tell Caryn when they first meet to start the home search? First of all, they are looking for a home in a decent school district with easy proximity to the train station. New buyers tend to like Edgemont and Scarsdale because of its quick commute into Manhattan via Metro North. Caryn suggests that her prospective buyers tour the neighborhoods, study the area school districts, and contact the principals of the schools to speak to them directly. Caryn finds that most buyers are extremely well-educated (a huge change from 10 years ago). They have done a good deal of research online before they even meet with her, and it is a school district, not a town or village, that is their number one priority.

Of course, it is a tough economy and the real estate market everywhere has been affected. Lending is tougher so some buyers are having a harder time getting a mortgage. But the market is certainly not "dead" and the rental market is doing especially well. Many sellers put their homes on the market to sell but are also willing to consider a two-year rental (with the hope that in two years, the market will be stronger for sellers and they will get a better price for their home.) Right now, the rental market is very strong with limited rentals available. Another reason that rentals are popular is because the job market is very uncertain and the chance of losing one’s job is a factor. Therefore, more cautious customers might opt to test the community in a rental instead of taking on a jumbo mortgage.

Specifically when buyers ask resident and realtor Caryn Balamaci about Edgemont she tells them that the community is built around the schools. She describes the schools as a "small, nurturing environment.” She and her family have met wonderful people in Edgemont whom she calls lifelong friends. Of course taxes are high here; a byproduct of life in the suburbs—and Westchester County is not an exception. Caryn does tell potential buyers that if the property taxes appear to be too high for the market value of the prospective home, they should consider grieving those taxes during the two-week period in June with the Town of Greenburgh.

So is Edgemont still a great place to live? Absolutely! With approximately 40% of households categorized as family households and a low residential turnover (about 11% annually), it is a great family neighborhood where families are proud of their community and schools. Neighbors look out for each other's homes and everyone seems to know everyone else. Teachers care about their students and it is common to see elementary school teachers show up at the high school's theater productions to support their former students. What more can anyone ask for? As for my experience, the small school size was very important to me when looking for our first house in the mid 1990s. I think that was the ultimate deciding factor for us. We moved here in 1995 and are very happy that we did.
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Home Sales: 3 Tyler Road: Heathcote Tudor with over 3,200 square feet of living space on over 1/3rd acre of level private property. Five bedrooms, four baths and a flexible floor plan offers room for everyone to enjoy. New kitchen in 2010! Expansion possibilities. Ideal location within walking distance to elementary school, parks and playgrounds.
Sale Price: $982,888
Real Estate Taxes: $29,613

37 Morris Lane: Magnificent red brick colonial on over one acre in a beautiful, private and serene setting with lovely plantings, brick patio and pool. Located in the heart of Murray Hill, this home has exquisite moldings and paneling throughout. 5 bedrooms, 4.5 baths. Kitchen with marble countertops and stainless steel appliances. Fabulous home for family living and entertaining. Walk to schools and shops.

Sale Price: $3,245,000
Real Estate Taxes: $53,870

53 Paddington Road: Fabulous new construction located in prime Fox Meadow location. This 6 bedroom 5 1/2 bath center hall colonial has all the amenities for today's modern lifestyle including mud room, 2nd floor laundry, backstairs, en suite baths, walk-in closets, and 9 ft ceilings. 6000 square feet of living space including 1,700square foot finished walk-out basement with bedroom and full bath.
Sale Price: $2,400,000
Real Estate Taxes: TBD

45 Church Lane: Exquisite 1920's Georgian Colonial designed by Master Architect William Bottomley. This Fox Meadow masterpiece has been meticulously renovated & offers 7 bedrooms,4 1/2 baths on over 1/2 acre w/magnificent pool.Easy 5 min walk to Scarsdale shops & NYC train.Sweeping circular drive welcomes visitors.Gorgeous period details incl high ceilings,3 fireplaces,exquisite moldings,arched windows,lovely stone veranda for elegant entertaining,professional chef kitchen w/custom cabinetry.
Sale Price: $2,200,000
Real Estate Taxes: $40,478
197 Lyons Road: Sun-filled, young colonial overlooking park is just minutes to commuter bus and elementary school. This inviting home's many features include oak floors, open floor plan, crown and dentil molding, eat-in kitchen opening to family room with fireplace, deck, spacious bedrooms, mastersuite with custom closets.  New furnace 2010.
Sale Price: $930,000
Real Estate Taxes: $22,732

---------------------------------------------------------------------------------------------------------------------------------------------------------------

Featured Listing 5 Carstensen Road:

Enchanting, sun drenched, five bedroom Collet-built Tudor on half acre in Fox Meadow. Hardwood floors, cook's kitchen, living room with stone fireplace, nine-foot ceiling and floor-to-ceiling window facing gorgeous gardens. Stone patio abuts private grounds with fish pond. Walk to Village, train and high school. A gem. Learn more here :

List Price: $1,495,000

Featured Listing 14 High Point Lane:

Charming Colonial ideally located on a beautiful cul-de-sac, on an expansive acre. The property is highlighted by perennial gardens, specimen shrubbery, stone fountain and slate patio. Wonderful four-bedroom home boasting many renovations throughout. The perfect home for gracious living and entertaining. Learn more here:

List Price: $1,350,000