To put it very simply, there is no way to answer your question based on the facts at hand.
The housing market in West Harrison as in many areas has changed. We are currently off the highs and the shift is to the buyers side. There is no real way to time a "bottom" as the only way to know it has occured is when prices start to rise again.
Interest rates are at historic lows and inventory remains abundant. I would advise working with a Real Estate Agent/Broker to review this and other homes that might work for you. At that point you will have a better understanding of the value and where an offer should be placed.
Coldwell Banker Residential
278 Mamaroneck Avenue
White Plains, New York 10605
914 997 0097
914 523 9732 cell
Ther are different parts of West Harrison and depending on the location, property size and condition, the price can vary drastically. As mentioned below there have been homes in Park Lane Reserve that were somewhat smaller that sold for more than $1,500,000 because of the flow, condition and property size. At the same time there are homes that are larger that are commanding lower prices for the same reason but which affect the house negatively.
Others factors that can affect prices are the age of the home and taxes. Currently, depending on specific areas we are back to 2005 and 2004 prices. Each neighborhood has to be evaluated independently.
Our firm represents a number of homes in the area and I would be happy to answer specific questions and delve into more detail on specific properties. Feel free to reach out any time without any obligation
Houlihan Lawrence-White Plains
To be fair I think more specific details are needed to really answer the question. For the most part in West Harrison in the 5000+ sqft range you are talking about the Park Lane development. Within the development their are certainly alot of similiarities as they were built in same period and all, for the most part, have a Colonial style. However at the same time the difference in many of these homes is based on lot size, location, ammenities, etc. Not to mention that if you were looking for the homes that were built very recently you would be paying a premium compared to the resales.
I know this does not answer your question specifically but the question is impossible to answer based on a generalization. What you need to keep in mind is that if you are a qualified buyer, you are in the drivers seat right now. Interest rates are near all time lows, larger inventory and sellers who know that they cant hold on to prices that we had even just a year or two ago if they really want to sell. The approach for you now should be to know what is out there and see if a seller is looking to be a bit more aggressive. As long as your realistic in what a seller may consider, I think you have a wonderful oppurtunity to get a great home. We have already gotten back to 2006 prices in many cases, and an argument can be made that we have some more to follow.
Associate Broker Prudential Rand Realty
Check out this interactive map for comparables, it has lots of info...
http://www.trulia.com/sold/West_Harrison,NY/ Might be interesting to look at...
Good hunting, Dunes
Here's some West Harrison (Harrison/10604) market statistics (Note: the search criteria used is printed on the report)
This is a "global" report...and a more detailed analysis should be performed for any specific property or location. http://drop.io/west_harrison_stats/asset/west-harrison-stats-pdf . Remember, the information/statistics that are generally offered to consumers by Realtors are typically "MLS statistics" and therefore do not include non-MLS transactions (e.g. for-sale-by-owner). Trulia.com is probably not the best place/way to obtain the answer to the "What should be the right price I can pay for a new $5,000 sq. ft house in West Harrison?" part of your question. I think you'll receive a better and more insightful/detailed answer if you engaged a Realtor who knows how to use the MLS system to its fullest and knows the market area that interests you. Regardless, I hope I've helped in some some way.