Real Estate Report: Razed or Saved?

The debate continues about the fate of a foreclosed home at 3 Edgewood Road that was assumed by Scarsdale Village after the owner failed to pay taxes or maintain the home. The Village requested sealed bids for the property in February and according to Deputy Village Manager Steve Pappalardo interest was strong. The Village received 17 bids, the highest from Andrew Silverstein of Castle Walk Development who offered $628,800 for the 2,543 square foot house on .16 acres in Edgewood.

The Board of Trustees had planned to offer it to the highest bidder. That was until Tracey Czar, a special education teacher, made an appeal at the Village Board meeting on April 8. She and her husband submitted the second highest bid for $616,000 and told the Board, that unlike Silverstein they plan to restore it, not raze it. She asked the Board to "think beyond the dollar sign and offer it to her to renovate rather than rebuild a new home on the site."

We spoke to Silverstein to get his point of view on the sale. Discussing the real estate taxes on a new home vs. a renovation, he said, "I think financially it would be a huge mistake, (to sell it to Czar). It's not just about the difference in the sale price but in the real estate taxes moving forward – which could potentially be tens of thousands of dollars for future years." He also said that he was only inside the house for a short amount of time but it "looked to be in awful condition," and he wondered if it could be restored. He said, "I would be curious as to what assurances the town has that if they sold it to the Czar's it would be maintained." Due to the FAR requirements, Silverstein said that a new house on the .16 acre property could only be a few hundred feet bigger than the existing home.

The Board plans to go into executive session to discuss the matter on Tuesday April 22 at 6:55 pm. More to come.

Sales:

16 Wyndham Road, Edgemont: Pristine 1910 Colonial featuring 5 bedrooms, 3 baths, many updates and a convenient front-to-back center hall leading out to a private patio overlooking the lovely grounds. Captivating home has generously sized rooms and a spacious heated sun-porch, kitchen with silestone counters, breakfast area and wet bar, all new marble baths, new bluestone front steps, a freshly painted exterior and a new roof in 2006.
Sale Price: $1,212,500
Real Estate Taxes: $27,981

134 Saxon Woods Road, Scarsdale: Enjoy the pastoral privacy of golf course views in this renovated Quaker Ridge gem on.42 acres with circular driveway and stately landscaping. This home offers updated kitchen with granite counter tops, large family room with fireplace, access to outdoor deck and private yard.
Sale Price: $1,030,000
Real Estate Taxes: $26,000

42 Tompkins Road, Scarsdale: Picturesque home with period details and modern amenities. A significant historical home with a 2006 addition with a stylish contemporary kitchen and family room with vaulted ceiling. New windows, roof and boiler. Four bedrooms, 3 full renovated baths and two half baths. 2 fireplaces. Loft in garage.
Sale Price: $925,000
Real Estate Taxes: $27,609

25 Midvale Road, Edgemont: Four bedroom, four bathroom split level home on almost a half acre in Edgemont. Spacious living room with fireplace, eat-in kitchen with new appliances and 2-car garage.
Sale Price: $880,000
Real Estate Taxes: $27,509

Featured Listings:

43 Marbourne Drive, Mamaroneck: Historic farmhouse on an acre of beautiful property, a rambling natural country setting loaded with charm and privacy was originally a working dairy farm with a Carriage House and stable. The main house has authentic stone walls, beams and Dutch doors. This property has endless possibilities and a separate entry which creates opportunity for working home office or private guest wing. This home is a must see. Learn more here:

List Price: $1,495,000

50 Inverness Road, Scarsdale PO\Edgemont: Majestic six-bedroom Tudor Manor House in the Cotswold area of Edgemont. Gorgeous secluded half acre property with mature plantings including Azaleas and Dogwood trees. Features include: large flagstone patio, leaded glass windows, many with stained glass insets, a handsome slate roof, gleaming refinished floors and closets galore. This home offers grand spaces for gracious living and entertaining. Walk to schools, train and Scarsdale Village amenities. An exquisite home to treasure. Learn more here:

List Price: $2,195,000

28 Candlewood, Scarsdale PO, New Rochelle Schools: New to Market: Wonderful expanded Ranch field stone front, built as the model home for Scarsdale Park on terrific elevated property. This home boasts great flow perfect for entertaining, large modern eat-in-kitchen, renovated bathrooms and an extra 750 square feet on the second floor. Enjoy sunsets on the deck and the Scarsdale Park Community pool. See online here: or text 336174 to 85377 for photos and details.
List Price: $699,000

5 Renaissance Public Square, White Plains: You can have it all: Exciting, panoramic views from this exceptional 2300 square foot home with every luxury and incomparable upgrades. The moment you enter you are enveloped by sumptuous space, floor to ceiling walls of glass and the finest quality appointments. Exceptional upgrades include custom built-in closets, custom pantries, built-in TV/Vanity Mirror in master bath, oversized laundry room and extraordinary finishes. Ritz Carlton amenities include 24 hour concierge, valet parking, pool, fitness centers, screening room, tots playroom, outdoor patio and Jitney service to railroad. Enjoy an active, convenient, luxurious lifestyle with the pulse of the city nearby. See online here or text M329412 to 85377 for photos and details.
List Price: $1,799,000