The Deals and Duds of Westchester's Real Estate

Feb 5, 2009

02:39 PM

Co-operative (High-End) Living

A 3 BR, 2-bath property with almost 2,500 square feet near the tony downtown of Bronxville selling for $1.59 million sounds like a nice house, right?

Wrong.

It’s a co-op, and in one of the most high-end buildings in the county.

Located in the Southgate, a stone and stucco grande dame of a pre-war building, Unit 5C has oak floors throughout, high ceilings, French doors leading to a terrace, a fireplace, a library, and two-minute walk to the Metro-North.

The listing was reduced from $1,650,000 shortly after being put on the market September 2008. But still no takers.

“November and December were tough,” says agent Carol Young of Houlihan Lawrence in Bronxville. “It’s picked up a bit this new year though and come spring I expect to see even more potential buyers.”

If you are considering this purchase or any co-op for that matter, make sure you know what you’re buying and how it’s different from a condo. With a co-op, the buyer owns shares of stock in a corporation that owns the entire building. The shares are a part of a lease that permits you to "rent" the apartment. Whereas the purchase of a condo means you actually buy the apartment, as well as a proportionate share of the property's common space.

List Price: $1,590,000
Original Sale Price: $1,650,000
First on Market: Sept 2008
Price/Sq Ft: $644
Address: Southgate, #5C, Bronxville
Style: Pre-War Six-Story Building
Exterior: Stucco and Stone
3 BR, 2 full baths, 2,470 sq ft
Year Built: 1928
Monthly Maintenance: $2,598
School System: Bronxville
Pluses: oak floors throughout, library, fireplace in living room, 2 minute walk to Metro-North, high ceilings, French doors opening to balcony, washer/dryer in unit, a portion of your monthly maintenance charges are tax deductible
Minuses: no central A/C
Listing Agent: Carol Young, Houlihan Lawrence, Bronxville (914) 337-0400, x227; cyoung@houlihanlawrence.com

In other housing news, the mean sale price for Westchester condominiums in the 4th quarter of 2008 was down 12.2 percent from 2007 to $393,560, below the average price of $400,672 in the 4th quarter of 2006.*

Along with lowering condo values comes an increase in condominium certiorari filings (attempts by management to protest their building assessed value). A successful filing will result in unhappy City Hall folks (less property taxes) but delighted condo occupants (tax refunds!).

*According to the Westchester-Putnam Multiple Listing Service.