September Real Estate Market Report

Here is the September real estate update from local realtors Laura Miller and Elise Flagg:

After an extended period of calm, we saw some volatility in the US markets in August due to China's devaluation of the yuan. While interest rates fluctuated, they ultimately remained at stable levels, and we should all remember the long-term nature of real estate investments. There is a lot of speculation as to whether the Fed will raise rates in September but jumbo rates have remained at current levels of just below 4%.

We feel that the market volatility is unlikely to affect short-term prices in Scarsdale and Edgemont. Buyers are still looking to move to the suburbs, escape private school tuition burdens, enjoy a quick commute to work and benefit from our fantastic public schools.

The Scarsdale market is a little slow this year over last year at this time. We have over 31% more houses on the market than last year at this time and 174 houses sold year-to-date versus 189 last year. Up to $1MM, we had a 3% increase in houses sold but $1-1.5MM decreased nearly 12% and $1.5-2MM decreased over 21%. The $2-2.5MM market increased in houses sold over 17% this year while $3-5MM decreased over 26%.

The Edgemont market has the same number of active listings as this time last year. However, there was a nearly 13% increase in the number of houses sold year-to-date this year versus the same period last year.

The Edgemont market is hot! The big change in number of sales was in the $700-1,000,000 range where we saw a 32% increase this year over last year.

The median prices in Scarsdale and Edgemont are slightly down as well. After Labor Day, showings historically increase as the hunt for homes begins again.

Sales:

11 Aspen Road

Mid-century modern home totally renovated in 2009. Ultra chic new kitchen with top of the line stainless steel European appliances (including a built- in Miele grinder/coffee maker) and stone counters; completely new baths; numerous built-ins and custom closets; all new roof and Hardiplank siding; new 5-zone HVAC and giant hot water heater; all new custom Marvin windows; new deck, fenced yard; completely new landscaping with up-lighting and in-ground sprinkler system.

Sale Price: $2,000,000
Taxes: $35,636

50 Corell Road

Totally renovated four bedroom ranch with level back yard near Corell Park has been updated with open spaces and many updates which include but are not limited to: four year old HVAC system, new garage door, many new windows, new sprinkler system, new alarm, gas fireplace, new interior doors and hardware, new washer dryer and all new kitchen with Viking range, refrigerator, microwave, Bosch dishwasher and Caesarstone countertops. The lower level has many built-ins for storage, a home office and a full bathroom.

Sale Price: $1,548,505
Taxes: $23,200

137 Madison Road

This updated Colonial has a newly paved driveway with Belgian block, a flagstone walkway lined with plantings, a professionally landscaped level yard and a marble-faced fireplace. Renovated top-to-bottom in 2006, with new kitchen, granite counter tops, Jenn-Air and Bosch appliances, lower level family room/office with built-ins and custom shoji screens, Hardiplank siding on house and garage and roof, updated electrical, recessed lighting, Anderson thermal windows and screens, AC compressor, hot water tank and furnace, professional landscaping and in-ground sprinkler, hardwood floors throughout, marble bathrooms and entry, and central AC. A full attic adds extra storage space. The lower level is 675 sq ft of finished space.

Sale Price: $840,000
Taxes: $15,266

26 Ridgecrest East

This four bedroom, three bath home has refinished hardwood floors, a renovated kitchen, arched doorways, a living room with cathedral ceiling and a stone fireplace and an outdoor garden. The lower level has a potential guest suite with private entry and a potter's studio.

Sale Price: $825,000
Taxes: $16,320

2 Wynmor Road

This updated Tudor is on .28 acre property in Heathcote. Features include double fireplaces, living room, family room and gourmet kitchen with granite center island and breakfast dining area, gas heat, and a two-car attached garage. There are three bedrooms, two bathrooms and a walk-up third floor space.

Sale Price: $800,000
Taxes: $21,520

46 Hamilton Road

Colonial home in Edgewood with details including updated bathrooms, freshly painted interior and refurbished deck, detached one car garage, landscaped level property, living room with built-ins, formal dining room with door out to deck, and full walk out basement.

Sale Price: $775,000
Taxes: $16,954

Edgemont:

16 Wyndham Road

This center hall colonial home is on a third of an acre with mature plantings and old growth trees. This home has been updated with a modern kitchen and dining area, Wolf chef stove and center island. Living space includes a glass enclosed sun room, built in book shelves and fireplace. Five bedrooms including a master suite with dressing area and three full bathrooms complete the rest of the living space. An electric car charging station is located next to the two car attached garage.

Sale Price: $1,285,000
Taxes: $30,140

14 Clarendon Place

This renovated Edgemont home located in a cul-de-sac has four bedrooms, three baths, plus an open floor plan, formal living room/vaulted ceilings and dining room with access to an outdoor deck/pergola. The state-of-the-art kitchen has cherry Kraft Maid cabinetry, a center island, Viking stove and hood, Subzero refrigerator and Bosch dishwasher plus granite counter-tops. The master bedroom en-suite boasts double California-style closets, Kohler air-jet tub, Grohe fixtures, Porcelanosa tiles and a laundry chute. The two additional bedrooms/closet organizers and modern hall bath with skylight complete this floor. The first floor has an entry level foyer with French doors to the family room, radiant heat and sliders to the patio, a full bath, a bedroom with built-ins and a custom Murphy bed, and a laundry room with Electrolux washer/dryer. Steps down, there is a two car garage, and a utility and storage area.

Sale Price: $940,000
Taxes: $25,235

Featured Listings:

44 Greenacres Avenue, Scarsdale

This much admired Greenacres brick Center Hall Colonial has it all. Exquisite architectural details throughout, beautiful leaded windows, three fireplaces, grand center hall opens to all first floor rooms, living room, dining room, family room, powder room as well as entrances to private patio, slate roof, large 2-car garage and updated cook's kitchen with granite counters, center island, professional stove and three sinks. An elegant master suite with new master bath with soak tub and shower, 2 sinks and outfitted walk-in closet, three bedrooms, one en-suite, two new baths, two walk-in closets and bonus office complete the second floor. Fabulous lower level playroom, guest quarters with separate entrance, beautiful updated bath, laundry room and office. Private backyard, perfect to entertain and throw a ball. Ideal central location, easy walk to school, playgrounds, train, restaurants and shopping. For more information, click here.

List Price: $2,295,000

295 Glendale Road, Scarsdale PO, Edgemont

Beautifully maintained exceptional Edgemont property offers inviting open floor plan with a very private designer first floor master suite with access to yard, offers LUX marble bath with double vanities, Jacuzzi, stall shower and radiant heated floors, two walk-in closets, convenient laundry room and adjoining Study/guest with private bath and built-in wet bar. Sunbathed and spacious living room, dining room, eat-in kitchen and family room set-up perfectly for festive gatherings and integrates seamlessly to the .46 acre park-like property. Fantastic lower level recreational space with over 1100 square feet offers finished playroom, complete gym, temperature controlled wine room, bedroom/full bath, second Laundry and storage. With three bedrooms, two full baths and playroom upstairs this six bedroom home is perfect as it is and offers opportunity for easily re-working the flexible living space if desired. Great opportunity in this sought-after Edgemont community. Close to schools, transportation and parks. For more information, click here.

List Price: $1,799,999