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THe Stonecrest - Larchmont NY - Market Update

Real Estate Agent with Keller Williams NY Realty - 120 Bloomingdale Road #101, White Plains NY 10605

November 29, 2011 08:42 PM

Larchmont Condos & Cooperatives:

Often when buyers are first looking at Westchester coops and condos, they make a beeline to condo/coop hotspots like White Plains without giving a passing glance at some of the towns and villages in the surrounding areas. But often after looking for a while they realize that these towns and villages give them more of what they are looking for in terms of ambiance and convenience.

Larchmont NY has long been a popular destination for buyers of single family homes, but Larchmont is also a popular location for those looking for condos or cooperatives. A cluster of these condos and cooperatives are located in a prime location within one to two blocks of Metro-North. The two block area encompassing North Chatsworth Ave, Jefferson St., Washington Square and Myrtle Blvd. The area is not technically in the village of Larchmont, but is rather part of the unincorporated portion of the town of Mamaroneck. The area is zoned for Murray Ave Elementary school.

The Stonecrest – 21 North Chatsworth Ave – Larchmont NY:

The Stonecrest, located at 21 North Chatsworth Ave Larchmont is a luxury cooperative in a doorman building – located roughly two blocks from the train station. The stately Pre-War Tudor complex boasts one of the finest locations in the area. The Roughly two blocks from the train station and a similar distance to shopping and fine dining, I am hard pressed to think of a more convenient loation. The address has a walk score of 92 out of 100 making it a walker’s paradise.

This location is conducive to the lifestyle that the village offers. Larchmont restaurants offer up a wide variety of cuisine for this bedroom community which seems to have a penchant for eating out. During the warmer months, outdoor eating is very popular. Residents often walk from the train to the local shops or to their favorite restaurant before heading home. If you live at the Stonecrest, you can easily leave the car behind for days at a time.

The entry and common spaces in the complex have a decidedly Tudor aesthetic complete with wood beams and stained glass windows. The units themselves have high cove ceilings and spacious layouts. Most get a great deal of natural sunlight. Parquet hard-wood floors are also a marvelous benefit of living in an older complex. An interesting bit of trivia: Lou Gehrig and his wife called the Stonecrest his home until 1940.

There is a wait list for parking – and dogs are not allowed. Cats are permitted with board approval.

Recent Sales History at the Stonecrest:

The following charts below show the pricing history from 2005-2011. The sales volume in the complex is fairly low so statistically significant numbers are difficult to come by. I’m using 1 BR units for the statistics that are roughly 750 sf or larger for the charts because they have had far more consistent sales over the years.

The charts below show the depreciation in 1 BR units that have occurred since 2006. Peak years are in red, The initial drop in prices occurred in 2007 when the housing peak slowed down. Prices went down about 18% from roughly $322,000 to $264,000. Prices reached an equilibrium that lasted almost four years to the end of the tax credit. Those years are depicted in green. When the tax credit ended, the market for coops generally ground to nearly a halt. When sales picked up again, the knife finally fell on values. This final drop appears to be about 33% with the current year (in blue) at a median price of $175k.

For 2 BR units it is less clear because there are gaps where no sales occurred and there are several years in which unusually large units were the only units sold. The pattern was difficult to work with and not statistically significant so there is no chart. For “average” 2 BR unit from 1100-1200 sf the price drop also took place in two bites. There was an initial 12% drop from about $384,000 to $335,000. Now the median price for that size unit is about $257,000 for about a 23% drop. The numbers here are smaller, so reading too much into these numbers would not be wise. A great deal has to do with layout and overall condition.

In general, the major fall in prices occurred somewhat later than in surrounding areas. This reflects the allover sturdiness of this market. The area is sought after and the result is that it is one of the last areas to take a big fall. It stands to reason that it will be one of the first to recover. At this point, although the decline looks absolutely sickening, it represents a terrific buying opportunity. Buyers should be grabbing onto these bargains with both arms if they have the means to buy at this time.