Spring Sales Trends Favor Homes Under $2MM

Realtors report that homes priced under $2 million are moving – with bidding wars on many, but the market for homes in the higher price range is proving to be slower. In the Scarsdale School District there are currently 90 homes on the market at $2mm and up, compared to 68 last year at this time, a 32% increase. The numbers show that listings are up 83% over last year for homes priced between $3 and $5 million and sales are down by 11%.

Why are so many beautiful, large homes available? There are many theories but no concrete answers. We asked Linda Dietz, an Associate Broker at Houlihan Lawrence who has worked in the field for 15 year for her interpretation of the slow market for homes priced in the upper ranges.

She shared a few theories:

First, she looked back at economic trends and surmised that the recession that began in 2008 may have caused people to stay in their homes until the financial markets improved. Now that the economy has recovered, homeowners believe it's a good time to sell and have all put their homes on the market at the same time.

She also mentioned demographics, theorizing that some of these larger homes are owned by baby boomers. The natural customers for these homes would be young parents in their twenties and thirties. However, studies show that this younger group is delaying or deciding not to move to the suburbs.

The revaluation also has an impact on the sale of these homes. The increase in taxes on larger homes may have hastened the homeowners decision to sell. For buyers, the increase in taxes makes the entire price tag higher and may make the entire price point higher over time.

Dietz has found that younger buyers favor new homes with open layouts, large family rooms and lots of light. Many of the older homes in Scarsdale have classic layouts and lack the features that attract these young buyers. In addition, many of the older homes are almost a hundred years old and in need of renovation. If a new home is comparably priced, these buyers will favor new construction.

That said, Dietz points out that if you are looking for a beautiful home in Scarsdale, now's the time to take a look. There is ample inventory and many attractive homes to buy.

Laura Miller, also of Houlihan Lawrence concurs. She says, "The change in the $2.5-3MM range isn't as dramatic as $3-5MM which is up 82.6% since last year in Scarsdale. One issue is the inventory in this price range is often older homes requiring updating. Buyers today seem to prefer the newer construction. They don't have an appetite for a project. Secondly, I think the town revaluation hit some of these older larger homes hard. They were under assessed. Now the owners would rather sell than pay the higher taxes. So we have more inventory for both those reasons. Having said that, I think there are deals in the works on at least some of these listings."

Sales:

Scarsdale

45 Colby Lane (pictured above)
This home with pool and high ceilings is situated on 1.26 flat acres on a tree-lined street in the Heathcote section of Scarsdale. The first floor has a master bedroom with 2 baths, dressing room and doors to yard; 2 additional bedrooms with en-suite baths.; Christopher Peacock kitchen with Viking appliances, large island and breakfast room with doors to patio that leads to the pool; Family Room with cathedral ceiling, fireplace and doors to yard; additional bath; powder room; laundry; back stair. The second floor has a gym, cedar closet, office/bedroom, 2 additional bedrooms, and a playroom. In addition, there is a media room and storage in the basement.

Sale Price: $4,500,000
Taxes: $76,798

3 Wellhouse Close
New 6 bedroom, 5.5 bath Georgian brick center hall colonial built on .65 acre property. Enter through a double story foyer. Extensive custom features and built-in natural gas generator. Room for a pool.

Sale Price: $3,200,000
Taxes: TBD

62 Old Orchard Lane
Center hall colonial in Fox Meadow with formal dining room/ fireplace and Venetian plaster walls, formal living room with wet bar, marble powder room, updated eat in kitchen with adjacent family room/fireplace/built ins. Laundry room, pantry, back stairs and door to yard and garage. Large master bedroom with built-ins, 2 walk in closets and marble master bath with separate tub and shower. In addition, there is a bedroom with an en-suite bath, two more bedrooms, hall bath, and a guest bedroom with a renovated bath. In back, there is a level fenced yard with play-set, deck and patio.

Sale Price: $2,405,000
Taxes: $65,878

94 Greenacres Avenue
Center Hall Dutch Colonial located in the Greenacres section of Scarsdale on .44 acres. This home has five bedrooms and four full baths on the second floor. The covered front porch is 40 feet long.

Sale Price: $1,900,275
Taxes: $41,494

12 Fairway Drive
4 bedroom, 4 bath home situated on over one-half acre of landscaped level property on a cul-de-sac. Access to deck from Master Bedroom, Formal Dining Room and large EIK w/Breakfast area. Has vaulted ceilings, fireplace and additional patio.

Sale Price: $1,355,000
Taxes: $28,319

66 Brookby Road
Center Hall Colonial in Heathcote on private 1/4 acre property with pool. House requires renovation.

Sale Price: $1,295,000
Taxes: $31,708

177 Bradley Road
Colonial renovated in 2000. 2,569 square feet of living space includes first floor entry hall, living room with fireplace, formal dining room, new eat-in kitchen/family room, and powder room. Second floor includes master bedroom with walk-in closet and bath with skylight, three additional bedrooms with a hall bathroom. Lower Level has a playroom, half bathroom, storage room, laundry and deep one car garage. House also has central air and heat with two zones and Nest thermostats, whole house generator, lawn sprinklers, and a full attic for additional storage. The floors have been redone and the interior freshly painted.

Sale Price: $1,078,150
Taxes: $23,031

105 Sprague Road
Colonial home with hardwood floors throughout.

Sale Price: $700,600
Taxes: $21,542

Edgemont

149 Edgemont Road
A classic center hall Colonial built in 1920 in the heart of Old Edgemont. This 3850 square foot home, with six bedrooms and four and a half baths, has been meticulously maintained by one owner for the past 25 years. It offers bright light, well proportioned rooms, 8 - 10' ceilings. The one third of an acre property features English gardens, lush lawns and a rich border of evergreens, trees and shrubs. There is a 13" X 34" Living Room, formal Dining Room, gourmet eat-in Kitchen with marble counters, island and high end appliances, and a large Family Room with wet bar leading to a slate patio and yard. Master bedroom suite with bath, walk-in closet and wall of windows with garden views. Possible separate buildable lot.

Sale Price: $1,705,000
Taxes: $37,955

8 Hadden Road
English home in the Cotswold area of Edgemont has four bedrooms on the second floor and a large family room off the kitchen that can serve as a bedroom with bath. Also has oak floors, raised living room with soaring ceiling, charming balcony, French doors to patio, large dining room with built-ins, redone eat-in kitchen with radiant heat, redone baths, central air conditioning, new insulation in attic and a two car garage.

Sale Price: $1,552,000
Taxes: $32,152

Featured Listings:

30 Aspen Road, Scarsdale: This jewel of a home is beautifully scaled and detailed, the living spaces reflect a floor plan suited for unforgettable formal entertaining and casual living. We find rooms that show off light and airy interiors throughout the 4,321 square feet of living space. An elegant 2-story entrance with glistening marble floor welcome you into the home. Off this entrance, you have access to the living room with fireplace, beyond is an oversized family room, kitchen with new appliances, formal dining room, den/office, stairway to three bedrooms and two baths. Upstairs the master bedroom suite offers a private retreat with walk-in closets, beautiful bath, and sitting room. Lower level includes a bedroom and hall bath, children's play area, dance studio and laundry. There is access out from all levels. A wonderful deck extends family living and entertaining. There is access from kitchen, dining room and family room. Learn more here:

List Price: $1,725,000

14 Scarsdale Farm Road, Scarsdale PO, Edgemont: A long driveway and courtyard provide a stunning approach to this 1.2 acre Edgemont estate. The entry hall offers a fitting introduction with immediate glimpses into the character and style of a home that masters the dialogue between home and land. With windows and French doors from every direction, the best of 4-season living is both evident and integral to the home, and provides a perfect backdrop. Nothing has been spared in this richly appointed, all redone (including large addition) home, which features a dream kitchen, two mud rooms, stunning architectural detail (including Carlisle 6" plank maple floors), as well as an extraordinary master suite comprised of a 14 x 17 dressing room with an island and elaborate custom built-ins, and an oversized master spa bathroom with an infinity bath, oversized shower, double vanities as well as a river rock floor. The two wings of this home, connected by a breezeway, insure a lifestyle that is at once NYC brownstone chic -and - Chelsea Pier. Learn more here:

List Price: $2,720,000