Strong Scarsdale Real Estate Outlook for 2014
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Looking back on the 2013 real estate market in Scarsdale, Jason Wilson of Julia B. Fee Sotheby's of Scarsdale said "2013 was an amazing year highlighted by bidding wars. Sales for homes in Scarsdale priced above $4.5 million were up versus 2012, while the market for homes in the $2.5mm to $3mm range saw a decrease in volume. Prices for the Scarsdale market overall in 2013 were flat, transaction and sales volume were up year over year and so was consumer confidence in real estate."
His predictions for next year: "2014 will be the year of the final rollout of the Dodd-Frank mortgage guidelines and we will see more sellers move up from Manhattan. The market in NYC will continue to be on fire and customers will appreciate the value proposition that Scarsdale provides for their lifestyle and as an investment. However, the new Dodd Frank act mortgage guidelines that will go into effect in 2014 will mean more paperwork, longer processing times, and a difference in the way bonus income and regular income are recognized."
Mark Nadler, President of Prudential Centennial said, "I think you are going to see a strong market for sellers out of the gate in 2014. Many sellers may be encouraged to list houses as the media talks about strong demand and low inventory. I do expect the usual bidding wars and multiple offers per listing as long as sellers price their homes within reason.
The questions are how will rising interest rates and a sluggish job market in terms of pay increases affect the sustainability of a hot market. My prediction is a strong market through May when momentum will begin to fade. Tough winter weather will also have a negative impact on sales in January and February. I also think there will be an increase of buyers moving from NY City in a post Bloomberg era.
Linda Roth, Branch Office Manager of Coldwell Banker in Scarsdale said, "2013 was an exceptional year in the Scarsdale /Edgemont and lower Westchester market, with many multiple bids and over asking accepted offers. As the economy improves and the inventory remains low and the demand for homes remains strong, 2014 will be another exciting year with rising prices. Nationally the real estate market has improved 20% so across the board it's going to be another fabulous year.
Lewis Arlt of Houlihan Lawrence in Scarsdale offered a look back on 2013 and his prediction for the coming year: "With strong demand, Scarsdale Village sold 237 single family homes in 2013, tying the 2007 ten-year record for most sold in a year. Median prices had appreciated gradually every year since 2009, but settled two percentage points in 2013 to $1,297,500, indicating that while well-priced homes could go over asking, buyers still had a handle on their perception of value."
Arlt continued, "With demand expected strong for 2014, and pent-up supply coming on the market to match, we anticipate a brisk spring. Factors to watch, however, include the full implementation of Dodd-Frank, and the likelihood of rising interest rates, limiting buying power. Other factors may include the New York City buyer, who made up a larger than usual portion of 2013 buyers, and who may be watching the new mayor's taxing policies, contemplating a move to Westchester; and the village revaluation, which may have an impact on long-time residents. Will prices as a whole appreciate in the coming year? The best guess is that they if they do, it will be gently, and on properties which match buyers' needs and for which buyers agree on value."
Sales:
50 Brookby Road: Elegant 6,000 square foot home newly built in Heathcote by established builder on a private landscaped level 1/2 acre with room for a pool. Features include seven bedrooms, circular driveway and an additional 2,700 square feet on lower level. Option to finish third floor and garage loft.
Sale Price: $3,885,000
Real Estate Taxes: TBD
18 Eton Road: (Pictured at top) Beautiful sun-filled Colonial in estate section of Greenacres. Set on 1.14 private acres including: 20 x 47 heated pool, large patio, kitchen, great room. 16 large rooms on four floors. Two story entrance. Master bedroom suite with balcony plus four bedrooms and three baths. Third floor playroom, lower level gym, game room and wine cellar.
Sale Price: $2,800,000
Real Estate Taxes: $62,836
54 Paddington Road: Sunny, gracious five-bedroom, four-and-a-half-bath Colonial with spacious and open floor plan. Two story entry leads to expansive updated eat-in-kitchen with granite counters that opens to large family room with doors to stone patio. All rooms are generously proportioned with architectural detail throughout. Private landscaped back yard. Close to train, shops and schools.
Sale Price: $1,700,000
Real Estate Taxes: $46,429
2 Herkimer Road: Fabulous home backing on golf course.. Beautiful stonewall enhances the grounds on .63 acres. Gracious living room with wood burning fireplace and French doors to stone patio. Formal dining room with fantastic views of the golf course. Kitchen, half bath and den/library. Three bedrooms and large bonus room on second floor. Large master suite with fireplace and updated bath.
Sale Price: $1,400,000
Real Estate Taxes: $32,282
92 Brown Road: Four bedroom, 2 and 1/2 bath 2396 square foot Colonial built in 2000. Convenient to all. bus to Fox Meadow Elementary School and Scarsdale Middle School... Location and price make for a winning combination.
Sale Price: $987,500
Real Estate Taxes: $24,652
7 Sycamore Road: Lovely classic Colonial on corner, level property with spacious rooms, hardwood floors and updated baths with Kohler fixtures and tumbled marble. Enjoy the family room with stone fireplace open to the kitchen with door out to huge rear deck. Many features include updated 6 panel doors, crown molding, recessed lighting, lots of closet space, sprinkler system for lawn and bay window in living room.
Sale Price: $923,000
Real Estate Taxes: $28,418
2 Sherwood Place: Edgemont: Spacious home in mint condition. Nestled high on a hill overlooking Scarsdale Village, this four bedroom 3 ½ bath home has all the bells and whistles. Large living room with cathedral ceilings and fireplace. Formal dining room, gourmet eat-in kitchen with custom cabinets, granite countertops and top-of-the-line appliances. Three bedrooms with attached bathrooms. Huge family room. Baths totally updated. Shiny hardwood floors.
Sale Price: $820,000
Real Estate Taxes: $28,600
22 River Road: Sun-filled Greenacres Colonial beautifully maintained on lovely .34 acre property. Large kitchen with center island, main floor laundry room, and a short walk to the Hartsdale train station.
Sale Price: $800,000
Real Estate Taxes: $16,376
130 Round Hill Road, Edgemont: Opportunity to build your dream home in a perfect location. This property, surrounded by multi-million dollar new construction homes is ready to be rescued. Renovate and expand the existing ranch home or build new completely to your specifications. Elevated location across from undeveloped land owned by the high school. Short stroll to the school and to the pond. Beautiful natural setting.
Sale Price: $800,000
Real Estate Taxes: $23,835
Featured Listings:
40 Morris Lane, Scarsdale: This distinctive and much 
admired 8,825 sq ft, 6 bedroom, 4.2 bath residence is situated on 1.8 pristine level acres in the Scarsdale estate area. Stately and welcoming with a picturesque circular drive, this magnificent home with well-appointed rooms offers the perfect setting for gracious living and entertaining. The lush ground with heated swimming pool, mature trees, one with a playful tree house, provides enjoyment with tranquility and privacy. This outstanding residence is close to all and just 30 minutes to NYC! Learn more here:
List price: $8,800,000
22 Aspen Road Scarsdale: Easy living. This gorgeous, sun-drenched contemporary home has been completely transformed
for today's modern lifestyle. Nestled on a quiet .35 acre lot in a desirable Scarsdale neighborhood, it offers 5 bedrooms, 3 1/2 baths, gas heat, central air, upgraded electric, hardwood floors, 2-car garage, updated EIK w/SubZero and granite countertops. Open layout is perfect for entertaining. Huge windows and gorgeous views everywhere. Free bus to elementary schools and Scarsdale High School. Walk to shops and middle school. Learn more here:
List price: $1,685,000
57 Carthage Road Scarsdale: Extraordinary details and high end finishes define this 2005 sophisticated custom home set on
professionally landscaped property with stone patio. Beautiful hardwood floors, 9' high ceilings, 4000 sq. feet of luxurious living space, 5 bedrooms, 4.5 baths, 3 zone heat and AC. Fabulous custom chef's kitchen with professional stainless steel appliances, center island and comfortable family room with fireplace, built-ins, French door to patio. Walk to school, shops, restaurants, School, pool and tennis, commuter's bus to train. Learn more here:
List price: $1,850,000
File your STAR Application by December 31 -- Plus Home Sales
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The deadline to register for the New York State Tax Relief Program (STAR) is just days away. The New York State School Tax Relief (STAR) Program provides a partial exemption from school taxes for owner-occupied, primary residences where the combined 2012 income of the owners and spouses who reside on the property does not exceed $500,000. Senior citizens with combined 2012 incomes that do not exceed $81,900 may qualify for a larger enhanced exemption.
Senior citizens who wish to continue receiving Enhanced STAR in future years without having to reapply and submit copies of their tax returns to their assessor every year are invited to sign up for the STAR Income Verification Program.
How much can you save? According to the Scarsdale Village website, in 2013, the Basic STAR benefit was $1,344 and the Enhanced STAR benefit was $2,697.
The registration deadline is December 31, 2013. To apply, visit the NYS Department of Taxation and Finance website where you will find the STAR application. Those who did not have STAR last year can apply with the assessor at Scarsdale Village Hall. Those who had STAR last year and have not yet registered this year, should expect a phone call from NYS-DTF before the end of the year.
According to Village Assessor Nanette Albanese, there are now over 600 Scarsdale residents who may qualify, but who have not yet registered and will lose the $1,350 benefit if they fail to register by December 31.
Sales:
35 Ogden Road: (Pictured above) Situated in the heart of Fox Meadow. Circular driveway, no step Ranch on half acre with pool. Slate Roof. Bright, custom-built kitchen with granite counters and Viking appliances. Prestigious location.
Real estate taxes: $36,245
Sale price: $1,835,000
6 Clubway: Stately stucco Colonial in Edgemont on picturesque .3 acre including a gorgeous rock garden. Gracious and sunny throughout with large windows and lovely decor. Spacious living areas. Five bedrooms, three baths and a powder room. New gourmet kitchen and luxury baths. Extra-large deck.
Real Estate Taxes: $28,459
Sale Price: $1,315,000
Trustees Review Potential Change to Local Tax Code
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Owners of single family homes in Scarsdale could realize a small tax savings if the Scarsdale Board of Trustees and Board of Education elect to adopt a "Homestead" provision in conjunction with the village-wide reassessment now in process. A joint meeting of the Scarsdale Board of Trustees and Board of Education was held on Monday night December 2 to explore the Homestead Tax Option and what, if any provisions would be appropriate for Scarsdale to adopt in conjunction with the ongoing tax revaluation. John Wolham, from the NYS Department of Taxation and Finance was invited to make a presentation on the Homestead Tax Option to the group.
Though the Homestead Tax Option was initially drafted by NYS to mediate the tax burden on residential homeowners in relation to commercial property owners after a reassessment, this would not be the goal of adopting the Homestead Option in Scarsdale. Village officials are looking into the possibility of enacting Homestead to change the method for assessing condominium properties in Scarsdale, that are now taxed at a lower rate than single-family homes with the same market value. Condominiums are now taxed based on their potential rental income rather than their full market value.
For instance, the owners of a condominium in Scarsdale Village with a market value of approximately $1.5 mm now pay about $11,500 in real estate taxes per year, while the owners of a single-family home of that value pay more than three times that amount, or $36,000. The Village Tax Assessor will need to have the final reassessment numbers to do an analysis, but rough estimates show that the increased taxes on condominium owners would result in a savings of about $160 per household for owners of single-family homes in Scarsdale.
By law, the Homestead tax option can only be adopted in conjunction with a revaluation. If the Village were to adopt this new local law, it would first need to be passed by the Scarsdale Village Board of Trustees. Once they adopted it, the provision it would be considered by the Board of Education as village and school taxes are determined by two entities. As with all local laws, the provision would be considered in public hearings and the community would have the opportunity to express their views. The provision would not be subject to a referendum and would need only to be passed by majority votes of the two Boards.
Scarsdale has only one group of condominium properties, which are the 42 units at Christie Place in Scarsdale Village that were purchased between 2008-2011. Under the current tax code the residents enjoy substantial tax savings over homeowners with single-family homes of the same value. However, many of the residents of Christie Place are seniors, as the units were designated for buyers age 55 and up, and are therefore not utilizing the schools. When they purchased the units, it is not known whether they were made aware that their assessment status could change. Since a change in the law would impose a burden on a very small segment of older residents and offer a minimal benefit to the community, Board members appeared skeptical about adopting the Homestead provision for the solo purpose of re-assessing Scarsdale's limited inventory of condominiums.
Bill Natbony commented, "All these people are over 50 – are there any laws to protect these people from such a large tax increase?" David Lee of the BOT asked whether an increase in taxes could be phased in over a five-year period and Stacey Brodsky inquired whether this change would devalue condominiums and favor co-ops, which would not be affected by the new code.
The next step is for the Village Board of Trustees to review the option and determine whether or not they will pursue the change in the local law.
Sales
22 Birchall Road: Fabulous Home with pool on a magnificent private acre in Murray Hill. Wonderful light throughout. Double height entry with skylight. The living room, family room, kitchen and master bedroom have doors that open out into the impressive yard. Cathedral ceilings. First floor master bedroom with his and her baths. Five bedrooms, five baths 3 zone a/c, outdoor cabanas.
Sale Price: $2,900,000
Real Estate Taxes: $48,980
11 Dickel Road: Brand new 7,273 square foot Colonial on over a half acre property in Greenacres. Features dramatic two-story entry hall, gourmet kitchen/breakfast area with doors to patio, family room with fireplace plus 7 bedrooms including a luxurious two-room master suite, two fireplaces and nine-foot ceilings. Finished lower level with playroom, bedroom and bath.
Sale Price: $2,775,000
Real Estate Taxes: TBD
102 Walworth Avenue: Sunlit home in Greenacres. Lovely yard with deck. Remodeled kitchen. Mature plantings. All bedrooms on the second floor. Entry walls of Venetian plaster. Central A/C on the second floor. Hardwood floors throughout. Shared driveway with neighbor: separate garage with new garage door.
Sale Price: $907,500
Real Estate Taxes: $18,090
22 Black Birch Lane: Spacious Quaker Ridge split. New hardwood floors. Gracious entry foyer opens to oversized living room with soaring ceilings. Master bedroom with private bath.F irst floor den/library. Updated kitchen just steps away from large playroom/family room. Bar-B-Que on deck off formal dining room. 2-car attached garage.
Sale Price: $868,000
Real Estate Taxes: $17,950
Featured Listings:
1 Castle Walk, Edgemont: Pristine custom built Colonial with high-end finishes, soaring ceilings and custom millwork
includes 6200 square feet of living space on 1/2 acre of manicured property with three and a half car garage. Master suite has dual walk-in closets, sitting room and luxurious bath. Enjoy entertaining with two family rooms, two fireplaces, media/game room and library. Oversized sunlit eat-in kitchen with granite counters, center island and Rutt cherrywood cabinets. Dramatic, freeform Shoreline pool with hot tub, waterfalls and stone patio. Learn more here:
List Price: $2,690,000
60 Crossway, Scarsdale: Gracious Colonial beautifully renovated and updated. Grand foyer with marble
mosaic floor opens to dining room and living room with fireplace. Sun-drenched family room has magnificent stone fireplace. 2003 cook's kitchen has stainless steel island with 48 Viking range, two Miele wall ovens, sub-zero refrigerator, granite counters and large dine-in area. Maids room and bath, pantry with wine refrigerator and 15' x 26' all-season room. Upstairs is large master with fireplace, huge outfitted walk-in-closet, three bedrooms, renovated bath. 3rd floor has two bedrooms and bath. Lower level with two big playrooms and storage. Learn more here:
List Price: $1,895,000
Three More Homes to be Considered for Demolition
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Though preservationists bemoan the overdevelopment of Scarsdale, the construction of new, oversized homes does have a silver lining. – these new homes have contributed to an increase in Scarsdale's overall tax base – yielding higher revenues for the Village and the schools. In fact, the NYS Office of Real Property Taxes reports that the total assessed value of Scarsdale real estate has risen since last year -- which will allow an increase in the tax cap and funds for school programs and Village services.
This month, applications to demolish three more homes will be considered by the Committee for Historic Preservation on December 17th.
Here are the addresses:
20 Lenox Place, built in 1937
47 Lincoln Road, built in 1922 (pictured at top)
2 Herkimer Road, built in 1937
Sales
35 Sheridan Road, Edgemont: Custom built center hall colonial set back from road on .86 flat, private acres with room for pool. Wonderful layout, spacious rooms, beautiful built-ins. One of the most desirable neighborhoods in Edgemont. Original owner - first time on market.
Sale Price: $1,170,000
Real Estate Taxes: $39,089
340 Heathcote Road: Wonderful expanded ranch in move-in condition. Set on .23 acre, the first floor features 3 bedrooms and 2.5 baths, an eat-in kitchen, a family room, a beautiful deck that stretches across the dining area and family room making this the perfect flow for entertaining. The second floor leads to a large Master Bedroom with a huge walk-in closet connecting to a large bath with Jacuzzi and glassed-in shower. A second room can be used as an office or nursery. The basement is finished and has another full bath, laundry and storage.
Sale Price: $1,093,000
Real Estate Taxes: $27,939
22 Ridgecrest East: This dramatic Tudor has been tastefully updated and has incredible Old World character! Grand formal living room has 12ft+ ceilings and large, fieldstone fireplace. Gleaming wide-wood pegged floors, soaring cathedral stained and leaded glass windows, slate roof, picture moldings, beautiful stone walls, terraced gardens. Nicely updated eat-in-kitchen with door to patio and play areas. 2,140 square feet includes 4 bedrooms, 3.1 baths and flat grassy yard area.
Sale Price: $769,000
Real Estate Taxes: $19,135
Featured Listings:
400 Clayton Road, Edgemont: Renovated in 1997, this home has it all on over a half an acre. 
Large eat-in-kitchen with two of everything. Spacious living and dining room both with fireplaces, first floor master suite and guest bedroom with hall bath and study with fireplace make for easy living. The second floor boasts three spacious bedrooms, two full baths and a 14' by 22' recreation/family room with stairs down to kitchen. French doors lead to rear patio. four-zone heat (radiant in kitchen and dining room, three-zone central air. Mature landscaping creates a private comfortable lifestyle. Learn more here:
List Price: $1,515,000
18 Argyle Road, Edgemont: Move right in to this picturesque English country home with rocking
swing front porch. Special features include gorgeous architectural details, beautiful hardwood floors, 2 new baths with stained glass windows, and new Camko roof. Large level property. Dramatic living room with beamed/vaulted ceiling and brick fireplace. Perfect just the way it is but also has potential expansion possibilities. Walk to elementary school, commuter bus to train, and shops. Learn more here:
List Price: $879,000
Residents Invited to Apply for Committee for Historic Preservation
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The Personnel Committee of the Village Board of Trustees has announced a vacancy on the Committee for Historic Preservation (CHP). The Committee for Historic Preservation determines if a structure located in the Village for which a permit for demolition has been requested is a structure of historical importance. The Committee for Historic Preservation may also advise as to whether any conditions should be imposed if a certificate of appropriateness and demolition permit are to be granted. A background or interest in architecture and/or historic preservation is preferred. The Committee meets monthly as needed; more recently convening 11 of 12 months per year.
All interested residents may apply online at the Village website, www.scarsdale.com, under "Village News, Volunteers Needed for Boards and Councils" or submit their resume directly to the attention of the Personnel Committee Chair, Trustee Thomas Martin, Scarsdale Village Hall, 1001 Post Road, Scarsdale, N.Y. 10583. For further information contact the Village Clerk's office at 914-722-1175.
Featured Listings:
3 Rock Meadow Lane, Scarsdale: Exquisite stone and stucco Colonial with beautiful architectural details set on .76 professionally landscaped acres on quiet cul-de-sac. Features include a Chef's kitchen with Carrara marble center island, counters, and backsplash, professional appliances, skylights in kitchen and hallway, laundry and garage off kitchen. New hardwood floors, new lighting and solid wood doors throughout. California closets in master bedroom and 2 bedrooms. Heated pool and hot tub with bluestone decking. Bus to Elementary school and High School. Close to 2 playgrounds and bus to train. Learn more here:
List Price: $2,195,000
7 Colvin Road, Scarsdale: Stately Greenacres Colonial with classic proportions and beautiful architectural details on a 
quiet elegant street. Special features include wonderful curb appeal, 9' ceilings on 1st floor, through center hall with gracious staircase, extra large living and dining rooms, coffered ceiling, wainscoting, hardwood floors throughout, back staircase, 2 tiered bluestone patio and attached 2 car garage. Premier location, close to school, playgrounds, train, shopping and restaurants. Wonderful space for living and entertaining. Learn more here:
List Price: $1,495,000
