CROTON-ON-HUDSON, N.Y. – A property at 1300 Journey's End Road sold for $5.5 million in December, setting a Croton real estate record, according to a Croton broker.
An adjacent property at 1330 Journey's End Road sold for $2.37 million.
"We've been in real estate here for 60 years," said Michael Norton, co-owner of North Country Sotheby's International Realty, which handled the sales. "Prior to 1994 we know there's a couple of large estates that sold in the $2 to $3 million range. Everyone in our community, in our industry, has agreed this is the biggest in Croton history."
Both of the properties are in the Croton-Harmon School District and the Town of Yorktown. The property at 1300 Journey's End Road was originally listed by Houlihan Lawrence.
According to Norton, the buyer of the properties looked all over Westchester, including several posh communities, before making cash offers on the adjacent Teatown estates.
"The significance of these two transactions here in Croton-on-Hudson should not be overlooked," said Phyllis Weydig, the North Country Sotheby's real estate agent who represented the buyer on both transactions. "My client looked at homes all over Westchester County and was taken by these breath-taking parcels right here in Croton."
The property at 1300 Journey's End Road includes a three-floor, eight-bedroom, eight-bath, 7,500-square foot estate on 45 acres overlooking Journey's End Lake. The 1930s Art Deco home includes tennis courts and a six-bedroom guest house.
The home at 1330 Journey's End Road is three floors and 8,050 square feet with five bedrooms, five baths and a "wine-tasting room with medieval grotto."
Together, the estates paid $144,610 in taxes in 2011.
"As our market continues to recover, it tells other potential high-end buyers that Croton can compete with Bedford, with Armonk," said Norton.
It's not just Croton that's experiencing a boost. Sales have increased regionally, according to the Hudson Gateway Association of Realtors.
According to the association, Westchester single-family home sales picked up 30 percent in the fourth quarter of 2012 and condominium sales picked up 20 percent compared to the same period in 2011. Westchester sales increased 15 percent overall compared to the fourth quarter in 2011.
"The 2013 real estate market will likely accelerate from the momentum of the 2012 market as long as there are no economic or political catastrophes at the national level," said the associations's quarterly report.