The Scarsdale home that reportedly belongs to Jay-Z and Beyonce

Westchester towns known for their million-dollar homes are bristling with sales activity — from buyers seeking homes for half that amount.

The New York Times reported that well-heeled towns like Scarsdale, Bedford, Armonk, Pelham, Larchmont and Irvington are experiencing unprecedented activity in the $500,000 to $600,000 price bracket. [more]

A 10-building, 548-unit rental complex in the Bronx may have found a buyer, after falling into foreclosure and dilapidation last year, according to Crain’s. The portfolio, which Los Angeles-based Milbank Real Estate bought in 2007, was named the worst in the city in 2010 by Housing Commissioner Rafael Cestero, after it racked up upwards of 4,300 violations. This, however, has not deterred Scarsdale investor Steve Finkelstein, who said he’d buy the properties and their mortgage for $28 million. [more]

From the February issue: The New York City real estate world has closely followed as brokerages here have downsized and shuttered offices. But just north of the city, in Westchester, the real estate industry has quietly seen a shift of its own. Indeed, some say the brokerage world there has been irrevocably altered during the downturn as some firms have announced closures, and others have set up shop or merged with larger corporate entities, poaching agents along the way. The biggest shake-up, of course, was Sotheby’s International Realty’s October decision to terminate its presence in the county altogether. Sotheby’s sold four of its offices — its three “golden triangle” offices in Scarsdale, Rye and Larchmont, as well as one in Chappaqua — to an affiliate, William Pitt Sotheby’s International Realty. In addition, it shut down a fifth office in Katonah, farther north in Westchester. That follows Better Homes and Gardens Rand Realty, which has seven offices in Westchester with roughly 340 agents, joining the Realogy umbrella at the end of April.  [more]

From the April issue: The Hamburg, Germany-based brokerage Engel
& Volkers is expanding its U.S. operations by opening a location in
Scarsdale and is eyeing Manhattan for another office. The 30-year-old
firm’s flagship location in the U.S. opened on Main Street in
Southampton in 2006, and the brokerage is now in the process of opening
another office at 300 Heathcote Road in Scarsdale. Internationally, the
firm has residential and commercial divisions, but so far in the U.S.,
the offices are just handling residential sales. Jonathan Lerner,
managing director of the Southampton and Scarsdale offices, said by
2011, the brokerage hopes to have five offices in Westchester and two
more in the Hamptons. And Rauert Peters, president and CEO of Engel
& Volkers North East, said the company is looking to open its first
office in Manhattan. Since 2006, the firm has also opened offices in
California, Florida, Connecticut, Massachusetts, Vermont and Rhode
Island. [more]