Nestled in a peaceful pocket of Scarsdale, New York sits an original, Dutch Colonial Home listed on the market for a relatively tame price of $1.395 million, reflecting a softening market in one of the Empire State's wealthiest suburbs.
While the house includes charming features — such as a picturesque, freshwater spring pond — what is even more noteworthy is the estate's rich history.
The house's listing price is roughly in line with what Zillow notes is Scarsdale's median home price of just over $1 million. Prices in the ritzy NY suburb — where a federal cap on home tax deductions have begun to scare away potential buyers — have dropped over 5 percent since 2017, but are expected to climb anew in the next year.
"The end of housing tax deductions has not only impacted Scarsdale but most high end markets across the country," said Dawn Knief, a real estate agent Compass Real Estate.
"The summer was especially slow with many home buyers pausing to digest the news and evaluate their plans for the future," she said, adding that the last several weeks of activity suggested "the dust is settling and buyers are ready to take advantage of some great real estate opportunities."
The Underhill House, located at 1020 Post Road, is the oldest existing farmhouse in Scarsdale history, according to the Scarsdale Historical Society. Built in 1687, the house is part of the Heathcote Association, and has 130 acres including 40 residents established in 1906.
Throughout its history, the house's homeowners have added and expanded the farmhouse, with its most recent renovation being in 2010.