Summer Real Estate Update

Here's the real estate market report from associate brokers Elise Flagg and Laura Miller of Houlihan Lawrence in Scarsdale: As the second quarter comes to a close, the market seems to be slowing for the summer. There is ample inventory but, there appears to be only a small buyer pool, especially for homes priced $2MM and up.

Inventory is up approximately 15.7% over last year in Scarsdale and pending sales are up 3.1%. The biggest decline in sales is in the $3-5MM range, where sales have decreased by 45.5% and the number of listings is up 70.8%. The median sales price is up about 5.5% to $1,455,509 from $1,380,000 year-over-year from 2014.

In Edgemont, inventory is up about 11% with 60 properties on the market now vs. 54 in June 2014. Sales are up approximately 6%. The median sales price is up year-over-year from 2014 by 6.6 % to $1,150,000.

The key priorities for buyers continue to be value, condition and presentation. The increased competition among sellers is allowing buyers to be highly selective and focus on houses in top condition with updated systems, appliances and amenities. Today's buyers both tend to work or have young children and do not have the time nor the inclination to deal with renovation. The houses that are pristine, updated throughout, renovated nicely and staged sell the quickest and at the best prices. We expect this trend to continue.

Interest rates are creeping up and are currently at 4% for jumbo loans. While this is historically a very low rate, rates are trending up and buyers may feel more pressure to buy now. "

Sales:

69 Brookby Road

This renovated Heathcote colonial sits on a level .46 acre. Its features include: a welcoming entry hall, a living room with a fireplace and bay window, a formal dining room, a renovated eat-in-kitchen with a granite island and top of the line appliances that is open to a sunny family room with a fireplace, tray ceiling & french doors to a patio and fenced yard. There is a den and an oversized exercise room/playroom. A renovated powder room, a bedroom and renovated bath complete the main floor. Hardwood floors and dentil molding throughout. Upstairs, there is a spacious master bedroom with tray ceiling, Brazilian cherry wood floor, a large renovated bath and walk-in closet with built-ins. There are two bedrooms with custom closets, a renovated hall bath and another bedroom with a renovated bath. A laundry room completes the second floor. This lovely home has 4 zone heat/CAC, a 40 year roof, a new generator, whole house stereo system & a playroom in the basement.

Sale Price: $2,300,000
Taxes: $59,283

62 Tisdale Road

Stone and clapboard colonial with five bedrooms, 4.1 baths in Crane Berkeley on almost a half acre of lush flat property. Updates include country kitchen with high end appliances opening to breakfast room and double height family room. The home's original quality is evident with hardwood floors, crown and base moldings and three fireplaces. A walk out lower level playroom leads to the backyard, contiguous with a 6 acre park. The Crane Berkeley Neighborhood Association offers year round activities which include a neighborhood camp out and adult get togethers.

Sale Price: $2,280,000
Taxes: $40,031

404 Heathcote Road

Previously known as 16 Stratton Road; address can be changed back. This center hall colonial in Quaker Ridge was built in 2002 with a gourmet chef's kitchen, finished walkout basement wired for home theater, three bedrooms with en-suite baths, first floor laundry, separate guest/au pair suite, central vac, alarm, sprinkler, invisible fence and wiring for central sound system.

Sale Price: $2,050,000
Taxes: $45,387

48 Church Lane

Fox Meadow colonial with six bedrooms, 4.1 baths. Architectural details include a vestibule with built in bench, reception hall with curved staircase, oversized French windows, high ceilings, chair/crown moldings, and palladium window. The living room has a wood burning fireplace and built-ins. The modern eat in kitchen is equipped with stainless steel appliances, center island and laundry room, and opens to a breakfast area and adjoining den. Located off the den is a flagstone patio and flat yard. There is a master suite with sitting room and updated bathroom. Two bedrooms and bath, plus storage room are located on the third level. The full basement has high ceilings.

Sale Price: $1,900,000
Taxes: $29,678

28 Stratton Road

Bright open layout in this ranch home on level .44 acres. The foyer opens to a recently renovated kitchen/family room with large skylight, living room that connects to the dining room and all three rooms open to the deck. To the right of the foyer is a master suite combining a library/home office and master bedroom with renovated bath and large outfitted walk-in closet. Additionally on the first level is a powder room, two bedrooms and a hall bath. Up a flight of stairs is a bedroom with renovated bath and a door to an attic with lots of expansion potential. The lower level has two large play areas, one with fireplace, a bright laundry room and a generous storage/utility room.

Sale Price: $1,736,000
Taxes: $34,500

52 Corell Road

Ranch style home with five bedrooms and three full bathrooms on corner lot. Renovated eat-in-kitchen with wood cabinets and granite counter tops open to dining area, formal living room and family room. Two wood burning fireplaces. Finished basement playroom is additional 401 square feet of space.

Sale Price: $1,395,000
Taxes: $26,784

15 Cornell Street

Property bordering Bonnie Briar golf course. Offers .65 acres situated on a large, level lot. This four bedroom, three bath home features a living room with fireplace and bay window, formal dining room and eat-in kitchen with golf course views. Lower level has 1677 square feet of finished space with a walk-out family room, laundry/mudroom and au pair bedroom and full bath.

Sale Price: $1,308,000
Taxes: $35,835

30 Donellan Road

This updated center hall colonial has four bedrooms, 3.2 baths, eat-in kitchen, a fireplace in the living room, a sunny playroom or family room off the living room, a formal dining room, a finished basement and an outdoor entertaining area

Sale Price: $1,305,000
Taxes: $20,997

22 Gorham Road

Greenacres colonial with living room (26x13) with inglenook fireplace setting, formal dining room with coffered ceiling, sunny family room with lots of windows, renovated eat-in kitchen with granite counters, office space and a renovated full bath. Upstairs past a leaded window that bathes the stairway with light to four corner bedrooms and hall bath. The basement is unfinished space with a workroom, laundry and utilities. New gas furnace and two Mitsubishi air conditioning units that separately cool the first and second floors, all installed in 2014. Level yard with patio.

Sale Price: $990,000
Taxes: $19,761

Edgemont:

48 Andrea Lane

Features include an open entrance foyer, living room and formal dining room with vaulted ceilings, new gourmet eat-in-kitchen with radiant heated floors and two family rooms, one with fireplace and doors to patio and a level yard. Home generator, two car garage.

Sale Price: $1,180,000
Taxes: $23,788

216 Ardsley Road

Older home with young additions and updates set on deep .53 acres. Family room on first floor with many windows and french doors to backyard, eat-in kitchen with new cabinets and appliances in 2013 and built-in seating, master bedroom suite with walk-in closet has marble-tiled bathroom and separate 15 foot x 17 foot sitting room with vaulted ceiling. Gas burner is five years old. Central air on second and third floors.

Sale Price: $985,000
Taxes: $27,205

72 Clarendon Road

This home has four bedrooms and an office which can serve as a nursery, new bathrooms, lots of storage including many built-ins in upstairs hall, basement office and family room, and a mudroom. Double lot that totals .52 acres in R 75 zoning with stone walls, mature landscaping and plantings and koi pond. This listing incorporates a separate lot which is identified as 8-460-324-10. Subdivision possibility. Taxes shown are for both lots. Window treatments in first floor bedrooms are excluded. Owners are obtaining a sub certificate of occupancy for the whole house, which will include the finished basement. Additional 476 square feet in basement is not included in the square footage for the house.

Sale Price: $860,000
Taxes: $22,445

Featured Listings:

8 Circle Road, Scarsdale

Just the perfect combination of old world charm and first class updates in this sun-filled 1910 Colonial in a fantastic location; a few blocks to town. As you approach the pebbled drive you come to the enclosed vestibule with inlaid brick floor leading to the entrance which opens the door to this delightfully charming home with highlights such as coffered ceiling dining room with original paneled walls and leaded glass windows, French doors from main floor rooms leading to fabulous outdoor patios. Architectural and special features include arched doorways, beautiful moldings, 3 fireplaces, gorgeous wood floors. Upgrades include: new roof, plumbing, updated HVAC and electrical, kitchen stainless steel appliances and cabinetry, many new Marvin windows, 2 Waterworks bathrooms. The property is an oasis of mature perennial gardens, specimen trees, a tiered stone flower garden and new landscaping. Enjoy the bus to Fox Meadow Elementary School which conveniently stops right in front of the house.  For more information, click here.

Sale Price: $1,885,000

41 Paret Lane, Hartsdale

This country estate harmoniously blends a stunning renovation with botanical splendor, featuring the finest finishes, architectural detail and rare two acre park-like private property. This exquisite home boasts generous proportions throughout, featuring a sophisticated and comfortable elegance with perfect flow for grand entertaining and casual living. Highlights include the richly appointed state of the art kitchen, inviting family room with custom cabinetry, and master suite with luxurious spa bath, dressing room, fireplace, sitting room and balcony overlooking the property. The idyllic setting captivates indoors and out, with interiors opening to terraces and balconies overlooking the professionally landscaped grounds with pool, cabana, hot tub, gazebo and specimen plantings. Nestled on a tranquil cul-de-sac close to parks, schools, shops, dining and train, this home offers resort style living with an easy 30 minute NYC commute --- it's a wow.  For more information, click here.

Sale Price: $1,695,000