2016 Real Estate Outlook

How will the market for real estate in Scarsdale perform in 2016? Will a positive economic forecast bring buyers to Scarsdale? Will the market for high-end homes improve? We asked a few local realtors to offer their perspectives, and here is what they shared:

Lewis Arlt of Houlihan Lawrence:

2015 had an 8.7 % drop compared to 2014 in units sold in Scarsdale, and a 3.1% drop in median sale price. We enter 2016 with 93 single-family properties on the market, and 44 in contract. The demand is very strong for homes priced below $3M, and much less demand for homes priced over $3M, where currently there are 49 homes on the market and 5 in contract. We anticipate significant numbers of resale properties entering the market over the next few weeks, with plenty for buyers to choose from in the high end. If history is a guide, properties priced under $2M will find buyers eager to come take a look, which may lead to competitive bidding, and inventory remaining low. Sellers are advised to be realistic about value pricing if their motivation to sell is strong.

Zach Harrison, President of Platinum Drive Realty:

We anticipate a brisk market in the under two million dollar range with stable inventory and high demand. At the high end, we expect steady demand and more conservative pricing levels given the increase in high-end inventory.

Mortgage rates are inching up but so far the increase has been manageable for buyers as they are still historically low.

Millennials are expected to continue to dominate the buying pool in 2016 as the majority of first time homebuyers. Scarsdale has tremendous appeal to these young buyers who are looking for a short commute, excellent schools and all the wonderful things our community has to offer.

Sales:

28 Claremont Road

This tudor is in the heart of Greenacres, with five bedrooms, three bathrooms, and a prime .26 of an acre. The living room has a bay window and French doors to the family room. A new gourmet eat-in kitchen has a center island and granite countertops with high-end appliances and finishes. Another set of French doors lead out to the flagstone patio. The master bedroom has his-and-hers walk-in closets with a master bathroom. There is a bonus room on the third floor. The basement is fully finished with a full bathroom, an office space, and a family room. There are hardwood floors throughout and a flat roof with ice shields and copper flashing. There is a stone patio and terrace, and stone walls with weep holes.

Sale Price: $1,425,000
Taxes: $29,185

239 Rock Creek Lane

This Quaker Ridge four-bedroom ranch has a private and level backyard that backs up to wooded solitude. There are hardwood floors, spacious rooms and an updated kitchen with new cabinets and stainless steel appliances. Also has a two car attached garage with a long driveway that can accommodate at least four cars.

Sale Price: $901,000
Taxes: $25,745

7 Overhill Road

This four bedroom, three and a half bath Tudor has a living room with a fireplace equipped with a wood burning stove.

Sale Price: $867,000
Taxes: $16,134

 
Edgemont:

17 Barclay Road

This home in Old Edgemont has a front entry foyer leading to a living room with wood burning fireplace, sun room, formal dining room, and an eat- in kitchen with separate pantry. The kitchen has easy access to a screened porch. The second floor features three bedrooms and a bath. The third floor has a bedroom, bath and storage. There is also a versatile lower level space.

Sale Price: $830,000
Taxes: $19,114

Featured Listings:

68 Brewster Road, Scarsdale

Location Location Location. This beautiful bright sunny 2009 home is situated in the heart of Fox Meadow, right near everything and only a few minutes' walk to: elementary and high schools, library, shopping and Metro North Train. On .30 of an acre and over 6000 interior square feet, this newer home has it all. Incredible Kitchen/Great Room, professional cooks' appliances, huge center island, wood burning fireplace, additional breakfast room, mud room and walk-in pantry, plus first floor library/office. five bedrooms: Master Suite with sitting room, gas fireplace, three closets and ultimate bathroom, plus four additional bedrooms with three baths. High end finishes throughout plus two laundry rooms (second floor and lower level), elevator for three floors, lower level kitchenette, gym, media room and playroom. Lovely backyard and covered patio. Move right in.  For more information, click here.

List Price: $3,195,000

23 Bradford Road, Scarsdale

Exceptional and enhanced Scarsdale property offers stunning seclusion on .66 acres with the most gorgeous heated pool and overflowing hot tub nestled amid professionally landscaped property accented with dramatic
twilight lighting. Smartly updated and beautifully maintained home offers
5500+ square feet and over 1100 square feet of mahogany decking with blue stone patios encircling the pool. Sun-drenched throughout, this home enjoys oversized rooms including two family rooms, two recreation rooms and open expansive kitchen with sliders to Mahogany deck, exterior stainless steel kitchen, interior/exterior wet-bar opening to the gorgeous Shoreline pool and backyard gardens. All this blends seamlessly with the traditional character and quality of this classic stone and clapboard home located an easy walk to elementary school with bus to middle and high school. An exceptional opportunity for a private oasis in the heart of Scarsdale.  For more information, click here.

List Price: $3,150,000

Open Houses:

10 Morris Lane, Scarsdale
Sunday January 10th, 1:00 - 3:00pm

This majestic estate is located on a premier block in prestigious Murray Hill. Never before on the market, this gracious Center-Hall Colonial is sited on two glorious acres surrounded by lush rolling lawns and exquisite gardens. A fabulous Gunite pool and adjacent tennis court enhance the luxury lifestyle. The house boasts nine foot ceilings, elegant finishes and quality appointments, including hardwood floors, arched doorways and walls of wainscoting creating an aura of grace and elegance. The stunning gourmet kitchen features St. Charles cabinetry, all new stainless steel appliances and a breakfast area that opens to the patio. The floor plan is ideal for convenient everyday living and formal entertaining as the indoor leads seamlessly to the beautiful outdoor spaces. Six bedrooms, five bathrooms and a convenient laundry room complete the second floor.  For more information, click here.

List Price: $4,990,000

6&8 Manor Lane, Scarsdale
Sunday January 10th, 2:00 - 4:00pm

Exceptional brand new construction in the heart of Scarsdale at Heathcote Manor, an enclave of single family homes sharing a private cul-de-sac in Heathcote. Each home boasts spacious rooms, clean lined design and light-filled interiors. Enter by way of an impressive foyer and entertain graciously in the formal living and dining rooms. Enjoy the perfect layout for family living with an expansive open plan kitchen/breakfast area/family room with gas fireplace and French doors to a yard and patio, ideal for outdoor dining. A powder room and spacious study (or 5th bedroom) complete the first floor. The second floor features a stunning master bedroom with gas fireplace, luxurious master bath and two walk-in closets, three more bedrooms, two full baths and a study/computer area. The lower level contains an enormous recreation room, media room/gym, large laundry room, full bath and two car garage. Elevator optional. Near schools, shops and bus. Can customize. Don't miss these gems.  For more information, click here.

List Price: $1,798,000