q2 luxury
DESCRIPTION
2nd quarter luxury market report from Houlihan Lawrence.TRANSCRIPT
Presented By
ANTHONY CUTUGNOSenior Vice President
Director of Private Brokerage
Direct: [email protected]
HoulihanLawrence.com
EXECUTIVE SUMMARYSECOND QUARTER 2014
We are pleased to present our Second Quarter Luxury Market Report summarizing sales activity for propertiespriced at $3 Million or more in Greenwich, $2 Million+ in Westchester County and $1 Million+ in Putnam andDutchess Counties.
Sales are up throughout our marketing territory year-to-date reflecting a steadily improving luxury market.Greenwich enjoyed an especially strong quarter with dramatic gains in all luxury price ranges and a total of 8 sales of$10 Million or more. The highly publicized sale of the 50-acre waterfront property known as Copper Beech Farm for$120 Million represented one of the top sales in the U.S. and brought worldwide attention to this thrivingmarketplace.
Home sales in Westchester County were less newsworthy but remained stable nonetheless. Despite a dip in quartervs. quarter sales, year-to-date sales reflect a 12.3% gain vs. 2013, bolstered by the unusually active First Quarter weexperienced this year. The majority of sales occurred under $5 Million, with the heaviest activity in the $2 Million -$2.999 Million range. Sales exceeding $10 Million have always been rare in Westchester, Putnam and Dutchesscounties but we are hoping that the new confidence seen in Greenwich will influence neighboring areas favorably.Presently, there are 3 properties under contract for $10 Million+ in Westchester County as compared to 5 propertiesin Greenwich.
Despite the widespread attention given to the region’s trophy sales, the high inventory of luxury properties remainsan on-going challenge in many of the markets we represent. Greenwich and Southern Westchester locales close toNew York City enjoy a balanced supply/demand ratio at the moment while high inventory and a smaller pool ofbuyers continue to impact our northern marketplaces. However, the increase in weekend buyers that started at theend of 2013 is continuing and we are optimistic that sales to this important buyer segment will strengthen as we moveinto late summer and fall.
Sincerely,
Anthony Cutugno
Senior Vice PresidentDirector of Private Brokerage
THE POWER OF LEADERSHIPMeans never standing still. Our team of real estate experts are the top ranked, operating from a regional network of 26 offices, making us the number one selling real estate brokerage in New York City’s northern suburbs.
Building an esteemed network does not happen overnight. We have been developing our powerfulconnections for 125 years. We understand world-wide markets. We have the largest global network with international connections across 6 continents, with partners in 56 countries. Andby integrating smarter data and the newest digital platforms, we continue to stay one step ahead.
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THE FUTURE OF REAL ESTATE SINCE 1888
LUXURY MARKET REPORT2nd QUARTER 2014
In Westchester County, the decrease in Second Quarter has been offset by robust First Quarter sales yielding healthyimprovements Year-to-Date vs. 2013Luxury sales in Greenwich skyrocketed, thanks to a number of top-tier sales including a record-breaking $120 Million salewhich skewed the quarter vs. quarter Dollar Volume comparisonSizeable quarter vs. quarter gains were reported for both Putnam and Dutchess counties
WESTCHESTER COUNTY LUXURY HOME SALES | $2M AND HIGHER
Q22014
Q22013
%CHANGE
YTD2014
YTD2013
%CHANGE
HOMES SOLD 78 91 -14.3% 137 122 12.3%
TOTAL DOLLAR VOLUME $218,771,371 $270,467,250 -19.1% $405,391,521 $368,891,927 9.9%
MEDIAN SALE PRICE $2,571,550 $2,470,000 4.1% $2,675,000 $2,477,500 8.0%
AVERAGE PRICE PER SQUARE FOOT $524 $564 -7.1% $552 $565 -2.3%
AVERAGE DAYS ON MARKET 133 197 -32.5% 173 215 -19.5%
% SALE PRICE TO LIST PRICE 95.9% 93.1% 3.0% 95.2% 93.1% 2.3%
GREENWICH, CT LUXURY HOME SALES | $3M AND HIGHER
Q22014
Q22013
%CHANGE
YTD2014
YTD2013
%CHANGE
UNITS SOLD 57 31 83.9% 88 54 63.0%
TOTAL DOLLAR VOLUME $402,425,453 $158,111,104 154.5% $555,406,753 $270,376,838 105.4%
MEDIAN SALE PRICE $3,990,000 $4,100,000 -2.7% $4,000,000 $4,287,500 -6.7%
AVERAGE PRICE PER SQUARE FOOT $857 $726 18.0% $815 $710 14.8%
AVERAGE DAYS ON MARKET 215 235 -8.5% 237 262 -9.5%
% SALE PRICE TO LIST PRICE 92.5% 90.4% 2.3% 92.4% 91.5% 1.0%
PUTNAM AND DUTCHESS COUNTY LUXURY HOME SALES | $1M AND HIGHER
Q22014
Q22013
%CHANGE
YTD2014
YTD2013
%CHANGE
HOMES SOLD 9 7 28.6% 18 15 20.0%
TOTAL DOLLAR VOLUME $15,250,000 $12,911,250 18.1% $31,318,200 $32,881,250 -4.8%
MEDIAN SALE PRICE $1,400,000 $1,400,000 0.0% $1,425,000 $1,400,000 1.8%
AVERAGE PRICE PER SQUARE FOOT $383 $435 -12.0% $422 $518 -18.5%
AVERAGE DAYS ON MARKET 186 242 -23.1% 265 257 3.1%
% SALE PRICE TO LIST PRICE 90.7% 89.7% 1.1% 90.5% 87.8% 3.1%Source: Hudson Gateway Multiple Listing Service, Mid-Hudson Multiple Listing Service and Greenwich Multiple Listing Service.
LUXURY MARKET REPORT2nd QUARTER 2014
Test
Year-to-date, Westchester County registered increases for homes priced under $5 MillionThe vigor of Greenwich’s luxury market is apparent in all price categories, especially for properties selling for $10 Million ormoreLuxury sales are moving upward in Putnam and Dutchess counties
WESTCHESTER COUNTY LUXURY HOME SALES
Q22014
Q22013
%CHANGE
YTD2014
YTD2013
%CHANGE
$2,000,000 - $2,999,999 61 64 -4% 98 85 15%
$3,000,000 - $4,999,999 15 21 -28% 30 27 11%
$5,000,000 - $9,999,999 2 5 -60% 9 9 0%
$10,000,000 and up 0 1 -100% 0 1 -100%
GREENWICH, CT LUXURY HOME SALES
Q22014
Q22013
%CHANGE
YTD2014
YTD2013
%CHANGE
$3,000,000 - $3,999,999 29 15 93% 43 23 87%
$4,000,000 - $4,999,999 12 6 100% 19 12 58%
$5,000,000 - $9,999,999 11 8 37% 18 17 5%
$10,000,000 and up 5 2 150% 8 2 300%
PUTNAM AND DUTCHESS COUNTY LUXURY HOME SALES
Q22014
Q22013
%CHANGE
YTD2014
YTD2013
%CHANGE
$1,000,000 - $1,999,999 5 4 25% 12 11 9%
$2,000,000 and up 4 3 33% 6 4 50%
Source: Hudson Gateway Multiple Listing Service, Mid-Hudson Multiple Listing Service and Greenwich Multiple Listing Service
LUXURY MARKET REPORT2nd QUARTER 2014
TOP LUXURY MARKETS
Southern Westchester locales remain the most popular areas for high-end buyers except for Bedford, which showed renewedstrength with its second place finish
The highest sale in Greenwich was the 50-acre waterfront property, Copper Beech Farm, which sold for $120 Million
In Putnam and Dutchess counties, the sale of a modernist hilltop home for $2.725 Million in Clinton represented the highestsale for the quarter
WESTCHESTER COUNTY LUXURY HOME SALES | $2M AND HIGHER
SCHOOL DISTRICT # OF SALES MEDIAN LUXURY SALE PRICE HIGHEST SALE PRICE
SCARSDALE 14 $2,872,000 $4,328,000BEDFORD 11 $2,850,000 $4,192,500BRONXVILLE 10 $2,437,500 $3,110,000RYE CITY 10 $2,440,000 $3,500,000MAMARONECK 9 $2,500,066 $4,000,000
GREENWICH, CT LUXURY HOME SALES | $3M AND HIGHER
TOWN/CITY # OF SALES MEDIAN LUXURY SALE PRICE HIGHEST SALE PRICE
GREENWICH 42 $4,209,032 $120,000,000OLD GREENWICH 7 $3,925,000 $4,800,000RIVERSIDE 6 $3,550,000 $4,100,000COS COB 0 $0 $0
PUTNAM AND DUTCHESS COUNTY LUXURY HOME SALES | $1M AND HIGHER
SCHOOL DISTRICT/CITY/TOWN # OF SALES MEDIAN LUXURY SALE PRICE HIGHEST SALE PRICE
GARRISON 2 $1,350,000 $1,400,000NORTH EAST 2 $1,600,000 $2,000,000HALDANE 1 $2,000,000 $2,000,000MAHOPAC 1 $1,100,000 $1,100,000STANFORD 1 $1,325,000 $1,325,000CLINTON 1 $2,725,000 $2,725,000
Source: Hudson Gateway Multiple Listing Service, Mid-Hudson Multiple Listing Service and Greenwich Multiple Listing Service
LUXURY MARKET REPORT2nd QUARTER 2014
SUPPLY/DEMAND SNAPSHOT
SOUTHERN WESTCHESTER COUNTY LUXURY HOME SALES | $2M AND HIGHER
AS OF JUNE 30, 2014 AS OF JUNE 30, 2013 2014 vs. 2013
PRICE RANGESUPPLY:ACTIVELISTINGS
DEMAND:PENDINGSALES
SUPPLY/DEMANDRATIO*
SUPPLY:ACTIVELISTINGS
DEMAND:PENDINGSALES
SUPPLY/DEMANDRATIO*
%CHANGE INLISTINGS
%CHANGE INPENDINGS
$2,000,000 - $2,999,999 153 72 2 147 66 2 4.1% 9.1%
$3,000,000 - $4,999,999 101 27 4 61 19 3 65.6% 42.1%
$5,000,000 - $9,999,999 46 12 4 29 11 3 58.6% 9.1%
$10,000,000 and up 11 1 11 11 0 Not Valid 0.0% 0.0%
NORTHERN WESTCHESTER COUNTY LUXURY HOME SALES | $2M AND HIGHER
AS OF JUNE 30, 2014 AS OF JUNE 30, 2013 2014 vs. 2013
PRICE RANGESUPPLY:ACTIVELISTINGS
DEMAND:PENDINGSALES
SUPPLY/DEMANDRATIO*
SUPPLY:ACTIVELISTINGS
DEMAND:PENDINGSALES
SUPPLY/DEMANDRATIO*
%CHANGE INLISTINGS
%CHANGE INPENDINGS
$2,000,000 - $2,999,999 103 19 5 89 17 5 15.7% 11.8%
$3,000,000 - $4,999,999 52 3 17 43 2 22 20.9% 50.0%
$5,000,000 - $9,999,999 25 2 13 21 4 5 19.0% -50.0%
$10,000,000 and up 10 2 5 11 2 6 -9.1% 0.0%
GREENWICH, CT LUXURY HOME SALES | $3M AND HIGHER
AS OF JUNE 30, 2014 AS OF JUNE 30, 2013 2014 vs. 2013
PRICE RANGESUPPLY:ACTIVELISTINGS
DEMAND:PENDINGSALES
SUPPLY/DEMANDRATIO*
SUPPLY:ACTIVELISTINGS
DEMAND:PENDINGSALES
SUPPLY/DEMANDRATIO*
%CHANGE INLISTINGS
%CHANGE INPENDINGS
$3,000,000 - $3,999,999 97 20 5 109 16 7 -11.0% 25.0%
$4,000,000 - $4,999,999 62 6 10 71 2 36 -12.7% 200.0%
$5,000,000 - $9,999,999 122 11 11 104 5 21 17.3% 120.0%
$10,000,000 and up 58 5 12 41 5 8 41.5% 0.0%
PUTNAM COUNTY LUXURY HOME SALES | $1M AND HIGHER
AS OF JUNE 30, 2014 AS OF JUNE 30, 2013 2014 vs. 2013
PRICE RANGESUPPLY:ACTIVELISTINGS
DEMAND:PENDINGSALES
SUPPLY/DEMANDRATIO*
SUPPLY:ACTIVELISTINGS
DEMAND:PENDINGSALES
SUPPLY/DEMANDRATIO*
%CHANGE INLISTINGS
%CHANGE INPENDINGS
$1,000,000 - $1,999,999 19 0 Not Valid 19 5 4 0.0% -100.0%
$2,000,000 and up 19 0 Not Valid 13 0 Not Valid 46.2% 0.0%
DUTCHESS COUNTY LUXURY HOME SALES | $1 AND HIGHER
AS OF JUNE 30, 2014 AS OF JUNE 30, 2013 2014 vs. 2013
PRICE RANGESUPPLY:ACTIVELISTINGS
DEMAND:PENDINGSALES
SUPPLY/DEMANDRATIO*
SUPPLY:ACTIVELISTINGS
DEMAND:PENDINGSALES
SUPPLY/DEMANDRATIO*
%CHANGE INLISTINGS
%CHANGE INPENDINGS
$1,000,000 - $1,999,999 19 1 19 14 1 14 35.7% 0.0%
$2,000,000 and up 11 0 Not Valid 15 3 5 -26.7% -100.0%*Supply Demand Ratio Key 1-4: High Demand 5-6: Balanced 7-9: Low Demand 10+: Very Low Demand
Source: Hudson Gateway Multiple Listing Service, Mid-Hudson Multiple Listing Service and Greenwich Multiple Listing Service.
LUXURY MARKET REPORT2nd QUARTER 2014
TEN-YEAR MARKET HISTORY
WESTCHESTER COUNTY LUXURY HOME SALES | $2M AND HIGHER
GREENWICH, CT LUXURY HOME SALES | $3M AND HIGHER
Source: Hudson Gateway, Mid-Hudson and Greenwich Multiple Listing Service. *2014 homes sold are annualized based on actual sales year-to-date.
LUXURY MARKET REPORT2nd QUARTER 2014
TEN-YEAR MARKET HISTORY
PUTNAM COUNTY LUXURY HOME SALES | $1M AND HIGHER
DUTCHESS COUNTY LUXURY HOME SALES | $1 AND HIGHER
Source: Hudson Gateway, Mid-Hudson and Greenwich Multiple Listing Service. *2014 homes sold are annualized based on actual sales year-to-date.
WATERFRONT PROPERTIES
ON MILTON HARBOR, RYE
Offered at $10,900,000Rye Brokerage 914.967.7680
PREMIUM POINT, MAMARONECK
Offered at $7,999,888Larchmont Brokerage 914.833.0420
WATERFRONT LIVING, OLD GREENWICH
Offered at $2,995,000Greenwich Brokerage 203.869.0700
GREATEST ESTATES
TWIN PONDS, BEDFORD CORNERS
Offered at $25,000,000Bedford/Pound Ridge Brokerage 914.234.9099
GEORGIAN MANOR, GREENWICH
Offered at $17,250,000Greenwich Brokerage 203.869.0700
MASTERTON WOODS, BRONXVILLE
Offered at $10,000,000Bronxville Brokerage 914.337.0400
MODERN ELEGANCE
CAROLYN PLACE, CHAPPAQUA
Offered at $6,495,000Armonk Brokerage 914.273.9505
SYLVAN MANOR, PURCHASE
Offered at $3,950,000Rye Brokerage 914.967.7680
HIGH MEADOWS, MOUNT KISCO
Offered at $2,895,000Briarcliff Manor Brokerage 914.762.7200
A SELECTION OF OUR RECENT LUXURY OFFERINGS
LUXURY MARKET REPORT2nd QUARTER 2014
EQUESTRIAN PROPERTIES
SANDSWEPT HILL, GREENWICH
Offered at $13,900,000Greenwich Brokerage 203.869.0700
SASSAFRAS FARM, SOUTH SALEM
Offered at $4,950,000Bedford/Pound Ridge Brokerage 914.234.9099
HIDDEN BROOK FARM, SALT POINT
Offered at $3,750,000Millbrook Brokerage 845.677.6161
COUNTRY RETREATS
BEVERLY FARM, GARRRISON
Offered at $3,900,000Cold Spring Brokerage 845.265.5500
THE STONE HOUSE, POUND RIDGE
Offered at $2,500,000Pound Ridge/Bedford Brokerage 914.764.5762
CASTLE HILL, STANFORDVILLE
Offered at $1,600,000Millbrook Brokerage 845.677.6161
HISTORIC TREASURES
HIDDEN BROOK FARM, PURCHASE
Offered at $9,995,000Rye Brokerage 914.967.7680
RIVERSIDE CLASSIC
Offered at $6,875,000 Greenwich Brokerage 203.869.0700
BEECHWOOD, SCARBOROUGH
Offered at $1,995,000Briarcliff Manor Brokerage 914.762.7200
A SELECTION OF OUR RECENT LUXURY OFFERINGS
LUXURY MARKET REPORT2nd QUARTER 2014
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HOULI HAN LAWRENCEPRI VATE BROKERAGE
Designed expressly for our region’s most exceptional properties,Houlihan Lawrence Private Brokerage offers discreet advisoryand brokerage services to our valued luxury clients. Since itsinception in 1990, our exclusive luxury program directed bySenior Vice President, Anthony P. Cutugno has earned areputation for personalized boutique-style service andnuanced marketing that best serves the interests of our clientele.Known for our prudence and reliability, Houlihan Lawrencehas worked with many of the area’s most prominent families,charitable trusts, banks and estate trustees in facilitating thesale of the region’s most prestigious properties.
Based on the private banking model, Tony is personally involvedin every transaction offering invaluable insight and advice honedby decades of experience in international trade and luxuryreal estate.
What sets Private Brokerage apart is our ability to leverageHoulihan Lawrence’s vast resources and impressive global partnersto successfully position a property within the internationalmarketplace. With a reach that extends to 6 continents, HoulihanLawrence Private Brokerage understands the world of luxuryand has cultivated relationships with international partnersand high net-worth clients across the globe. These world-classconnections supported by the personal oversight of Tony andhis Private Brokerage team create a powerful combinationthat drives results year-after-year.