Located just a 30-minute train ride from Manhattan’s Grand Central Terminal, Scarsdale, New York, was recently ranked the second-most affluent town in the United States when it comes to household income, according to the annual Bloomberg Richest Places index.
The town was settled in the 18 century and has since developed into an extension of New York City, with all the amenities of a suburban lifestyle. Murray Hill is the oldest part of Scarsdale and is right in the middle of town.
“It’s not only an exclusive neighbourhood but one rich with history since the American Revolution,” said Anne Dowd Moretti, senior global sales adviser and a broker with Julia B. Fee Sotheby’s International Realty.
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Today, Murray Hill is known in particular for its estate-like homes. In contrast to the rest of Scarsdale, Murray Hill has its own zoning restrictions, meaning that homes sit on lots between one and four acres, and their sizes are proportionately expansive.
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Scarsdale is divided into five areas corresponding to its five elementary schools. One of the five is the Heathcote area, which is where the most expensive properties are located because it includes Murray Hill, Ms Moretti explained.
Boundaries
Scarsdale’s Murray Hill Balances a Village Lifestyle and Big-City Accessibility
Google Maps
Murray Hill is bordered (roughly) by Mamaroneck Road along its eastern border, Kelwynne Road along the south, Heathcote Road to the south and southwest, and Post Road to the north and northwest.
Price Range
In 2018, the median sale price was $1.5 million, and the average was $1.8 million in Scarsdale overall, Ms Moretti said. In Murray Hill, however, prices were higher, with a median of $2.8 million and an average of $3.44 million. And “in the past year,” Ms Moretti said, “two out of three sales [in Scarsdale] over $5 million were in Murray Hill.”
An interior view of a $6.8 million luxury home in Scarsdale, New York.
An interior view of a $6.8 million luxury home in Scarsdale, New York.
HOULIHAN LAWRENCE
The price of entry for a three-bedroom, 1,800-square-foot home on one-eighth of an acre (grandfathered in before zoning changes required they be larger) is approximately $1 million, said Paul Sarlo, a broker with Douglas Elliman Real Estate. Currently, some properties, in excess of 10,000 square feet, standing on two-to-four acres, with amenities such as a pool and tennis court, are listed at prices in excess of $7 million.
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Housing Stock
Murray Hill is part of the estate section of Scarsdale, so the market consists exclusively of large single-family homes on vast, extensively landscaped lots. Reflecting the historic quality of the neighbourhood, many homes are Colonials, Georgians, and Tudors, while modern styles are increasingly represented in new construction and Mediterranean homes. Older homes have usually been completely renovated, though. “If you’re lucky enough to have a home from the ’20s,” Mr Sarlo said, “you’ve got a magnificent home, no expense spared, with beautiful staircases, plaster ceilings. It’s really something that’s exquisite.”
At the high end of the market, buyers can reasonably find five- to- eight-bedroom homes in excess of 10,000 square feet with amenities such as a pool, tennis court, home theatre or media room, and a wine cellar, all with top-of-the-line finishes and craftsmanship, Mr Sarlo added.
An aerial view of a six-bedroom estate in Scarsdale, New York. The home is currently listed for $5.25 million.
An aerial view of a six-bedroom estate in Scarsdale, New York. The home is currently listed for $5.25 million.
HOULIHAN LAWRENCE
What Makes it Unique
One of the top advantages of living in Murray Hill is “the beauty of it all,” Mr Sarlo said. “It’s rich in culture and history; it’s a beautiful town.” James Fenimore Cooper, one of the earliest American novelists who in fact married a descendant of Scarsdale’s founder, Caleb Heathcote, once lived in the town. Today, many street names in the area pay tribute to its American Colonial histories, such as Mohican Trail and Leatherstocking Lane.
The estates of Murray Hill sit along beautiful, tree-lined streets, Ms Frederick said, with a “private, yet very neighbourhood feel.”
Luxury Amenities
Since Murray Hill is right in the middle of Scarsdale, residents have easy access to a wide range of cultural offerings, schools, restaurants and transportation. While all that New York City has to offer is just a train ride away, closer to home, Heathcote Five Corners, Scarsdale Village, and the Golden Horseshoe shopping centre are within about a 20-minute walk. Beginnings Boutique features modern men’s and women’s clothing and Current Homes curates modern furnishing, and both are in the Golden Horseshoe. Meanwhile, Scarsdale Village has galleries such as Weber Fine Art and Madelyn Jordon Fine Art. For fine dining, Fig & Olive serves Mediterranean cuisine and Meritage features Italian-inspired New American fare.
The Fenway, Scarsdale, Quaker Ridge, and Saxon Woods golf clubs and the Fox Meadow Tennis Club are all close by, as is the Sunningdale Country Club. The Greenburgh Nature Center is just one of many areas for enjoying the great outdoors.
The public schools are some of Scarsdale’s greatest assets. Its five elementary schools, middle school, and high school are among the best in the nation, according to the brokers and backed up by GreatSchools.org. The Murray Hill neighbourhood is served by Heathcote Elementary, Scarsdale Middle School and Scarsdale High School, and the latter two schools are walking distance for children living in the Murray Hill area. Also nearby, just over Murray Hill’s southern border just about 5 minutes away, is the Immaculate Heart of Mary School, a private, Catholic school serving grades K-8.
Who Lives There
Thanks to its excellent public schools, Scarsdale regularly attracts young families. “People often come for the schools and great commute [to Manhattan] but stay for the lifestyle,” Ms Moretti said. She added that roughly one-third of buyers come to Murray Hill from elsewhere in Scarsdale, one-third from Manhattan, and one-third from abroad. Mr Sarlo concurred, saying that most buyers are growing families attracted by Scarsdale’s school system who are looking for a primary residence.
Many Murray Hill residents work in business and finance; attorneys and doctors round out the resident profile.
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Notable Residents
Over the years, many well-known people have called Murray Hill home. Oscar-winning screenwriter Aaron Sorkin grew up there, according to the Observer. Mark Bezos, brother of Amazon founder Jeff Bezos, and Daniel Och, founder and former CEO of Och-Ziff Capital Management Group also live in the area, according to the brokers.
Outlook
“We’re in a market that’s pretty much gone up for nine consecutive years, so we were due for a correction, and we’re there,” Ms Moretti said. The average sales price for Scarsdale overall in February was down 20.8% year over year while the median was down 4.4% in the same time, according to a report from Sotheby’s, but with just 33 homes on the market in the fourth quarter of 2018, outliers can easily sway averages and medians.
Interest from both New Yorkers and foreign buyers, especially from China, continues to be strong, Ms Moretti said, attributing the interest in large part to Murray Hill’s— and Scarsdale’s—close proximity to New York City.
“In the past two to three years, prices have softened,” Ms Moretti said, making it a great time for buyers to take advantage of the opportunity to buy in the Murray Hill area.
“We’re shifting quickly into a buyer’s market,” Mr Sarlo said, citing steady interest rates and current tax reforms. But Ms Moretti said that “going into 2019, we’ve hit an equilibrium market. Every market corrects, and for prices adjusted to the current market, houses will definitely sell.”