County Real Estate

The most and least expensive houses in the county; market forecasts from the experts.



County Real Estate

 

Real Estate High and Low

by John Bruno Turiano

 

The MOST and LEAST Expensive Homes for Sale in WestchesteR

 

If you’re looking for a bargain home, something quite modest, boy do we have the home for you. And if you’re searching for a luxury home worthy of Donald Trump or Bill Gates, well, we have a home for you, too.

 

The Most Expensive: $95 M

 

 

 

WHERE: Pound Ridge and Stamford, Connecticut (yes, it’s that big; it straddles two states).

 

THE DETAILS: So what will $95 million buy you? Land: approx-imately 260 acres of turf and one nice-sized, 20,000 square foot home, a 1900 English country manor that had an extensive facelift in 1991. Actually make that five homes—there are four other residences (three on the Connecticut side and one on the New York side) on the property. The main abode has eight bedrooms, 10 full baths, and four half baths. Oh yes, there’s also a five-acre private lake, a stone chapel, an Australian surface tennis court, two barns, indoor/outdoor pools, a pool house with a kitchen, a greenhouse, and a reflecting pool.

 

 

Taxes: $221,000 (the taxes are split between the two states).

 

What the REALTOR SAYS: “This is a once-in-a-lifetime opportunity,” Joseph Barbieri of Sotheby’s International Realty in Greenwich, Connecticut, says simply.

 

 

The Least Expensive: $75K

 

 

WHERE: North Salem.

 

THE DETAILS: This 400-square-foot 1939 ranch is even smaller than the average Manhattan studio—525 square feet. But no studio in Manhattan that we know of sits on land—.03 acres—by a lake (it’s called Peach Lake). The cottage has one bedroom and one bath—and lots of neighbors; there are some 150 other cottages nearby. Residents have access to the lake for swimming, docking small boats, and fishing. Try getting that in Manhattan.

 

Taxes: $1,337.

 

What the REALTOR SAYS: “If you are willing to do a total renovation, this home is a great opportunity for a weekend in-county getaway, or it can serve as a full-time home for someone who doesn’t require much space but wants to be in the country,” says George Groves at RE/MAX Prime Properties in Scarsdale. “Also, buyers should know that a community treatment plant is in the works so that may enable the home to be expanded.”

 

Market Predictions

 

You read it in the newspaper every day: the real estate market is in
crisis. But is it really? We asked local real estate agents to predict our real estate market in the next couple of years. Here is what they had to say.

 

“We will have a favorable market. Those who held off listing their homes this past fall will take advantage of the spring market creating a competitive pricing situation, which will benefit both buyers and sellers.”

 

—Deborah Ballas Maxwell

Associate Broker

Claire D Leone Real Estate, Scarsdale

 

“The Westchester housing market is going through a correction. I expect prices to fall five to eight percent over the next twelve to eighteen months. When the market finds its natural level, we will begin to see steady appreciation again. Why is Westchester so resilient? It’s a market of primary residences. People need and want to live here. I rely on the fundamentals, which here are the strongest of any market in the nation.”

 

—Greg Rand, Managing Partner Prudential Rand Realty, White Plains

 

“Real estate is a local business with many segments. The average home price could be down or up for the County overall, but a specific segment like four-bedroom, single-family homes in a certain town could be hot or cold. I would predict that wherever the market has been for a specific segment over the past twelve months is where it will be also for the next twelve months.”

 

—Michael F. Levy, President,

Grand Lux Realty, Inc.

GLR Management, Armonk

 

“In 2008, our local luxury market will fare well if Wall Street bonuses remain strong. So far both Manhattan and Westchester remain strong luxury markets.”

 

—Anthony Cutugno,

Senior Vice President,

Director of Houlihan Lawrence’s Luxury Sales, Bedford