More Homes Coming Down, Pricing Out First Time Buyers?

More Homes Coming Down, Pricing Out First Time Buyers?

20Cambridge20 Cambridge RoadDespite an acute shortage of homes available to first time buyers in Scarsdale, it appears that developers are still succeeding at scooping up homes to raze them and build far grander homes.

This week, the agenda for the December 13 meeting of the Committee for Historic Preservation was released and shows that the committee will consider applications to take down the following four homes.

Headed for demolition are:

-4 Cohawney Road owned by Sheldrake Realty LLC

-7 Tyler Road

-20 Cambridge Road property of 20 Cambridge Holdings

-28 Aspen Road

Commenting on the issue, Greg Menell of the Pendulum Property 7TylerRoad7 Tyler RoadGroup said, “Today’s typical homebuyer wants a “move-in ready” home and is willing to pay a premium for it. A house that needs to be gutted requires time, inconvenience and capital because the renovations performed after the purchase will either have to come from cash on hand or a home equity loan. When buying a new or renovated home, the buyers are able to finance 80% of those upgrades through their mortgage – obviously a more attractive proposition when rates were at 3%. Furthermore, the buyer will likely have to pay for two homes during the renovation, an additional cost and further disincentive to do the work on their own.

Selling to a builder can be attractive because, typically, there are no contingencies (mortgage, appraisal, inspection) and thus less risk. This assumes, however, the seller receives a fair price. The 250+ contracts YTD in Scarsdale were handled by 140+ different buyers’ agents. The best way to ensure a seller receives the highest price is by listing on the MLS so all buyers have a chance to compete. Two of the aforementioned sales were not on the MLS and, thus, the sellers may not have known what the market was willing to bear. Perhaps they opted for an easier sale process and were OK with that.

From a town budget/tax perspective, it is better to have new construction as it will lead to higher tax revenue. But from a diversity perspective, however, it will make it harder for lower income families to join our community.

And Elise Flagg with Houlihan Lawrence agreed. She said, “Yes homeowners have the opportunity to bid for homes that may require major renovation…and sellers welcome their bids because they are “usually” higher than a builder’s offer. However, today’s buyers are busy working and do not have the time or inclination to take on such massive projects…they want move in ready.

38 Franklin38 Franklin Road
This construction 7BD/6.5BA delivers interiors and indoor-outdoor living with an inground pool in Quaker Ridge. Brought to you by a Scarsdale builder. Enjoy daily life and entertainment with an open floor plan, living and dining rooms, a study and family room. The kitchen includes a pantry, butler’s pantry and a breakfast area that opens to a deck overlooking your outdoor oasis. A bedroom, bath, powder room and mudroom complete the first level. Upstairs, you’ll find an owner’s suite with two closets and a bath, four family suites, laundry, office and bonus room. The walk-out lower level opens to a patio and pool, surrounded by privacy.
Sale Price: $3,995,000
Real Estate Taxes: N/A
Assessed Value: $1,550,000

66 Sheldrake66 Sheldrake Road
Acre lot located on Sheldrake Road in the Grange – backing on Fenway golf course and facing a wooded lot. Property for a buyer to build their home on!
Sale Price: $2,800,000
Real Estate Taxes: $45,474
Assessed Value: $1,925,000

4 Drake4 Drake Road
New construction: white stucco modern colonial with black windows to be built! This 6 bedroom and 5.5 bathroom central hall colonial has an ideal layout: a kitchen / family room, an office/bedroom on the first floor and bedroom and full bathroom in the basement along with a large play area. On the second floor is a master bedroom with closets and master bathroom, along with 3 other family bedrooms, one with an ensuite bathroom and the others connected by a jack and jill bathroom. Construction is slated to begin in October 2020 with a completion timeline of 8-10 months.
Sale Price: $2,150,000
Real Estate Taxes: $100
Assessed Value: $100

57 Franklin57 Franklin Road
Quaker Ridge home with recent upgrades to suit every lifestyle! The grounds have new in ground heated pool, patio for entertaining and landscaping with a fenced backyard. The front of the home boasts a circular driveway with a portico at the main entrance. The interior offers living and entertaining space. The main level includes a living room, dining room, den, renovated kitchen, and sunroom. The primary bedroom suite with renovated bath and second washer/dryer and three additional bedrooms and full hall bath complete the first floor. Upstairs, there are three additional bedrooms and a full bathroom as well as an office and storage. The lower level includes a finished space with a possible au-pair suite or office and a full bathroom as well as a full laundry room, access to 2 car garage and storage possibilities. Full house generator and new roof installed in 2020.
Sale Price: $2,000,000
Real Estate Taxes: $32,645
Assessed Value: $140,000

140 Old Colony140 Old Colony Road
ZappiCo, Westchester County’s Real Estate Developer is proud to introduce their Newest Offering. This home will feature front and rear yards, Hardi-plank front fascia, Hardwood flooring throughout and much more! 1000 sq.ft in the walk-out basement is included in total square footage. Photos are representative of previously built/sample homes and may include options not included. Photos show an optional side entry garage, which can be added at additional cost. Included is a 2-car front entry garage. Taxes have not been assessed.Currently there is no model at the site but builders can show you an actual house by appointment only. Prices are set to increase as units sell. Lock-in the pricing now!
Sale Price: $2,000,000
Real Estate Taxes: N/A
Assessed Value: $234,700

33 Springdale33 Springdale Road
Welcome home! Move right in to this colonial which has flow, 6 bedrooms upstairs with light and closets plus a first floor bedroom suite. New windows (2009) throughout the home, Red Oak hardwood floors installed in 2006 were shown with moldings throughout the 1st floor. All the bathrooms have been updated, 2 with heated floors. Enjoy a kitchen for your culinary masterpieces. Sub Zero and Viking stainless steel appliances. The living room offers flow for entertaining open to the family room and backyard. Sheetrock and insulation was added to the home along with replacement of the back door and sliding doors for insulation. The dining room gets you ready to invite the family for Thanksgiving. This home has so much to offer, the backyard provides a setting for your relaxation, playtime and BBQs. A Bluestone patio sets the tone for indoor/outdoor entertaining.
Sale Price: $1,975,000
Real Estate Taxes: $33,880
Assessed Value: $1,335,000

22RuralDrive22 Rural Drive
Property set on .64 acres in Quaker Ridge location. This is a four-bedroom, two office home with an entry open to the living room and updated kitchen with granite countertops and double oven. The dining room with door to deck and family room with wood-burning fireplace complete the first level. Up a few steps to the primary bedroom and updated primary bath with double sinks, shower and tub, two additional bedrooms and an updated hall bath. The third level has a bedroom with three closets including one walk-in closet and storage. The lower level has an office, laundry, full bath, playroom, wet bar, a second office with private entrance, utilities and an attached two-car garage. Don’t miss this opportunity!
Sale Price: $1,850,000
Real Estate Taxes: $32,645
Assessed Value: $140,000

15 Mount Joy Avenue15 Mount Joy Avenue
This 2574 SF Tudor Revival home is set back on Mount Joy Avenue. Features original character of 1927 yet enjoys the updates required by the discerning buyers of today. All rooms are large, sunny and feature hardwood flooring. The front yard has a stepping stone path which leads to the wood door welcoming you inside. The foyer flows into the large and grand parlor/formal living room with wood burning fireplace. The dining room is for entertaining and is adjacent to the kitchen offering cabinets, Viking Gas Range, Jenn-Air Refrigerator and Corian Counter Tops. The Family Room & Office/Sunroom overlooks your perennial gardens. All three Bedrooms with closets and built-ins. The Primary Bedroom has a separate Dressing room/Nursery with windows and a vaulted ceiling. The former Primary Bedroom features a separate work area with built-ins, large enough to be an additional Bedroom/Guest room. There are a total of two home Offices with three additional desks/workstations. A lower level Recreation Room is an area for studying or gaming. Laundry, large Storage Room with storage closets. Recent updates include Oil tank, natural gas hot water heater, main sewage line hydro jetted, SS chimney liner and new asphalt roof.
Sale Price: $970,000
Real Estate Taxes: $33,419
Assessed Value: $950,000

195 Delhi195 Delhi Road
Home on .23 acres on a street near Greenville Elementary School in Edgemont. This home is 2372 interior square feet. Living room, dining room and kitchen flow with each other, as well as a first floor master bedroom/bathroom, office space and family room. Second floor has two additional bedrooms with a hall bathroom with closets and storage. House has been updated over the years including roof, kitchen, bathrooms, boiler, siding, central air. Private from the street as the front yard can be a neighborhood gathering for some soccer fun. One car garage. Do not miss this home in the heart of Edgemont’s ABC streets! 
Sale Price: $920,000
Real Estate Taxes: $27,364
Assessed Value: $730,500

175 Bradley175 Bradley Road
This Colonial nestled in a Scarsdale location has just been refreshed, with refinished floors, new stainless appliances, new electrical upgrade to 200 AMP service, and painted interior. The house offers 3 bedrooms, 2 full bathrooms, a living room with wood-burning fireplace, separate dining room and a family room adjacent to the kitchen. Many windows have been updated and there’s a 2-car detached garage with new stairs leading up to a loft space.
Sale Price: $880,000
Real Estate Taxes: $17,522
Assessed Value: $700,000

179 Bell179 Bell Road
Welcome to this 4 bedroom, 2.5 bath residence in Scarsdale’s Edgewood neighborhood. Designed by an engineer for his family, this property features living spaces for everyday living and entertaining. The first level is detailed with white oak flooring and includes a living room with working fireplace and bookshelves, a dining room, and the kitchen with access to a brick patio. Two bedrooms and a full bathroom complete the main level. The second floor features two bedrooms, a bathroom, hallway “bonus space,” cedar closet, and attic storage. The walk-out lower level, (unfinished), includes high ceilings, full windows, a half bathroom, laundry, and access to the backyard and attached garage. This offers potential for additional living spaces, recreation, or guest quarters! Outside, the backyard affords complete privacy. Original owners selling strictly “as is.” Be the second family to own this Edgewood gem.
Sale Price: $876,000
Real Estate Taxes: $15,502
Assessed Value: $724,000

Featured Listings

23 Leatherstocking23 Leatherstocking Lane, Scarsdale
5 Bedrooms, 5.1 Bathrooms, 7,561 Square Feet
Impressive Contemporary Colonial with an open floor plan and room for a pool set on almost one acre of lush park-like property on a tranquil cul-de-sac in Heathcote. Features include a circular driveway, an elegant two-story entry with sweeping staircase, grand scale rooms, a spectacular eat-in kitchen with adjacent family room and a wall of French doors opening to private backyard and patio, a perfect setting for entertaining family and friends. The first floor is complete with a true home office, a cool Solarium for enjoying the sun all year long, a large first floor bedroom with bath and a three-car garage. The second floor boasts a spectacular primary bedroom suite with two walk-in closets and a luxurious bath, three additional bedrooms and two baths. The massive lower level has a full bath and sauna, recreational spaces, kitchenette, great storage and an au-pair suite. Enjoy being conveniently located close to schools, parks and shopping. Make this exquisite estate your home!
Click here for more information
Sale Price: $3,198,000

38 Saxon Woods38 Saxon Wood Road, Scarsdale
5 Bedroooms, 5.1 Bathrooms, 7,740 Square Feet
Don’t miss this grand and spacious Quaker Ridge red brick Colonial home built in 1999 and set on a gorgeous .68 acres of level, private property. This home offers a great combination of privacy and convenience with a tree-lined front yard and peaceful backyard, with room for a pool, that borders the Saxon Woods Park and Golf Course. A wonderful layout for everyday living and gracious entertaining, this magnificent home features an impressive entry foyer with circular staircase, spacious formal living room, sunlit formal dining room, butler’s pantry with wet bar and updated, bright kitchen with oversized island, premium appliances and two sinks. The kitchen opens to the expansive sun room with custom built-ins, wet bar, two walls of windows and radiant heated floors. The sun room opens to the well-lit family room with gas burning fireplace and views of the large backyard with gazebo. A bright office, formal powder room, 3-car attached garage, adjacent mudroom with washer/dryer and back stairs to the second level complete the first level of this stately home. The second level includes a primary bedroom suite with a luxurious bath with Jacuzzi tub, separate shower and double vanity, and two walk-in closets. Four other bedrooms complete the second floor, two that share a Jack-and-Jill bathroom, one with an ensuite bath and another with an adjacent playroom or study and en-suite bath. The lower level contains an oversized recreation room, wine room, full bath and two other versatile rooms ie gym, office, storage or a space of your choice. There is a large bonus space on the third floor. BBQ on the back patio, enjoy the sunset and family time exploring the adjacent Saxon Woods Parks’ walking trails or 18-hole public Golf Course. Walk to Crossways playground and tennis courts, Boulder Brook riding stables, the Scarsdale Pool and The Little School Nursery School and Day Camp. A fabulous opportunity!
Click here for more information
Sale Price: $2,995,000

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