Houlihan Lawrence Luxury Market Report

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1 Houlihan Lawrence Luxury Market Report 4th Quarter 2012

2 HoulihanLawrence.com Presented by Anthony Cutugno Senior Vice President Director of Luxury Country Properties Direct:

3 Q Executive Summary January 2013 We are pleased to present this latest update on the luxury real estate market reporting activity through the end of Q-4 for properties priced at $2 Million or more in Westchester County and $1 Million or more in Putnam and Dutchess Counties was a very positive year for luxury real estate in our region and as the year came to a close; a surge of high-value transactions drove sales to record heights. First among these sales was Devonshire, a spectacular 100-acre estate in Bedford Corners, which closed for more than $21 Million at the end of December. Devonshire represented one of the highest sales ever for Westchester County and the highest sale in our 125-year company history. Our Luxury Country Properties Division represented both the listing and selling sides of this landmark transaction. The international buyer for this property was introduced to us through Christie s International Real Estate, one of several global powerhouses we partner with to showcase our luxury listings worldwide. Unlike Manhattan, where sales of trophy properties are commonplace and foreign buyers are abundant, a sale like Devonshire is truly rare for our region. Yet it does signify the strength of our local marketplace and this sale in conjunction with several other important $4 Million+ sales in 2012 secure Houlihan Lawrence s dominance in the luxury marketplace. As of 12/31/12, Houlihan Lawrence enjoys a 54 luxury market share throughout our 3-county territory. In the past few months, I have been traveling to meet with my real estate colleagues worldwide and it is clear we are seeing the resurgence of high-end luxury buyers globally, particularly for unique properties in top markets. We at Luxury Country Properties intend to capitalize on this trend and continue our efforts to attract an international clientele to our beautiful region. As the long-time leader in luxury sales and a dominant force in luxury marketing nationally, Houlihan Lawrence is uniquely qualified to lead the charge. For 2013, we are optimistic that the stability that has returned to the market will continue and that our wide inventory of luxury properties will continue to attract buyers from within the region and around the world. For more information on the latest trends or for help with any of your luxury real estate needs, please contact me at or via at lcp@houlihanlawrence.com Anthony Cutugno Senior Vice President Houlihan Lawrence Luxury Division

4 A strong Q-4 in Westchester County fueled the substantial year-end increase of 16 in Total Homes Sold and 20 in Total Dollar Volume for Westchester County accounted for 85 of all luxury sales regionally. Both Putnam and Dutchess counties enjoyed significant improvements in Q-4 vs. Q Westchester County Luxury Home - $2 Million & Higher Q Q Change Full Year 2012 Full Year 2011 Change Homes Sold Total Dollar Volume $215,171,100 $98,737, $782,894,348 $650,141, Median Sale Price $2,900,000 $2,600, $2,685,000 $2,597, Average Price Per Square Foot $584 $ $560 $ Average Days on Market Sale Price to List Price Putnam County Luxury Home - $1 Million & Higher Q Q Change Full Year 2012 Full Year 2011 Change Homes Sold Total Dollar Volume $2,635,000 $2,270, $17,952,500 $20,695, Median Sale Price $1,317,500 $1,135, $1,420,000 $1,450, Average Price Per Square Foot $335 $ $389 $ Average Days on Market Sale Price to List Price Dutchess County Luxury Home - $1 Million & Higher Q Q Change Full Year 2012 Full Year 2011 Change Homes Sold Total Dollar Volume $17,654,000 $5,317, $42,061,500 $66,445, Median Sale Price $1,462,500 $1,212, $1,375,000 $1,500, Average Price Per Square Foot $491 $ $468 $ Average Days on Market Sale Price to List Price Source: Empire Access Multiple Listing Service & Mid-Hudson Multiple Listing Service.

5 Q luxury market report Q4 Houlihan Lawrence remains the leader in luxury home sales throughout the region. Westchester County Luxury Home $2 Million & Higher Houlihan Lawrence Putnam & Dutchess Counties Luxury Home $1 Million & Higher Houlihan Lawrence Source: Empire Access Multiple Listing Service & Mid-Hudson Multiple Listing Service

6 Q-4 sales in Westchester County rose sharply vs. year ago in all price segments. 66 of luxury homes purchased in Westchester County sold for less than $3 Million in 2012 although Q- 4 results indicate a strong surge in the $3-$4.999 Million segment. Only 2 properties sold for $2 Million or more in Putnam and Dutchess counties. Westchester County Luxury Home Price Range Q Q Change Full Year 2012 Full Year 2011 Change $2,000,000 - $2,999, $3,000,000 - $4,999, $5,000,000 - $9,999, $10,000,000 and up Market Totals Source: Empire Access Multiple Listing Service & Mid-Hudson Multiple Listing Service Putnam & Dutchess County Luxury Home Price Range Q Q Change Full Year 2012 Full Year 2011 Change $1,000,000 - $1,999, $2,000,000 and up 2 0 Not Valid Market Totals Source: Empire Access Multiple Listing Service & Mid-Hudson Multiple Listing Service

7 Top-ranked Westchester County market, Rye, led in Number of for Q-4. Bedford rose to second place for the quarter in Total Number of as well as the Highest Sale Price, reflecting the sale of Devonshire. No individual market emerged as a strong leader in Putnam and Dutchess counties. Top Luxury Markets Westchester County Luxury Home $2 Million & Higher School District # of Median Luxury Sale Price Highest Sale Price Rye City 13 $3,342,000 $12,700,000 Bedford 10 $3,350,000 $21,500,000 Scarsdale 8 $3,075,000 $4,212,500 Harrison 8 $2,850,000 $7,800,000 Bronxville 6 $2,550,000 $7,150,000 Mamaroneck 5 $2,532,450 $3,850,000 Byram Hills 2 $3,126,875 $3,753,750 Putnam County Luxury Home $1 Million & Higher Town/City # of Median Luxury Sale Price Highest Sale Price Carmel 2 $1,317,500 $1,435,000 Dutchess County Luxury Home $1 Million & Higher Town/City # of Median Luxury Sale Price Highest Sale Price Milan 2 $1,250,000 $1,375,000 Amenia 2 $3,057,000 $4,389,000 Wappinger 1 $1,300,000 $1,300,000 Clinton 1 $1,190,000 $1,190,000 North East 1 $1,550,000 $1,550,000 Washington 1 $5,000,000 $5,000,000 Source: Empire Access Multiple Listing Service & Mid-Hudson Multiple Listing Service

8 As in 2011, the Southern Westchester County marketplace remained the most robust at the end of The high number of listings combined with fewer buyers continues to be a challenge in the northern markets. Snapshot Price Range Southern Westchester County - $2 Million & Higher As of December 31, 2012 As of December 31, vs s $2,000,000 - $2,999, $3,000,000 - $4,999, $5,000,000 - $9,999, $10,000,000 and up 7 0 Not Valid 3 0 Not Valid Price Range *Supply Ratio Key 1-4: High 5-6: Balanced 7-9: Low 10+: Very Low Northern Westchester County - $2 Million & Higher As of December 31, 2012 As of December 31, vs s $2,000,000 - $2,999, $3,000,000 - $4,999, $5,000,000 - $9,999, $10,000,000 and up 11 0 Not Valid 8 0 Not Valid Price Range *Supply Ratio Key 1-4: High 5-6: Balanced 7-9: Low 10+: Very Low Putnam County - $1 Million & Higher As of December 31, 2012 As of December 31, vs s $1,000,000 - $1,999, $2,000,000 and up 13 0 Not Valid 13 0 Not Valid Price Range *Supply Ratio Key 1-4: High 5-6: Balanced 7-9: Low 10+: Very Low Dutchess County - $1 Million & Higher As of December 31, 2012 As of December 31, vs s $1,000,000 - $1,999, $2,000,000 and up Not Valid *Supply Ratio Key 1-4: High 5-6: Balanced 7-9: Low 10+: Very Low Source: Empire Access Multiple Listing Service & Mid-Hudson Multiple Listing Service. Southern Westchester (Zones 3-8), Northern Westchester (Zone 1-2).

9 Ten-Year Market History Westchester County Homes Sold $2 Million & Higher Putnam County Homes Sold $1 Million & Higher Dutchess County Homes Sold $1 Million & Higher Source: Empire Access Multiple Listing Service & Mid-Hudson Multiple Listing Service.

10 Q luxury market report Highest Recorded Residential Sale in Westchester County DEVONSHIRE Bedford Corners Offered at $26,500,000 Houlihan Lawrence is pleased to have represented both the seller and buyer of this magnificent Gilded Age 100-acre estate, which closed in late December for over $21 Million. This sale represents the highest single residential sale ever reported in Westchester County and the highest sale in Houlihan Lawrence s 125-history. To find out more about our exceptional marketing programs for estate properties, call our Luxury Country Properties Division at Q4

11 HOULIHAN LAWRENCE LUXURY COUNTRY PROPERTIES Over 20 years ago, the Luxury Country Properties Division of Houlihan Lawrence was created to serve the special needs of the luxury marketplace. Headquartered in Bedford, the Luxury Country Properties team, under the leadership of veteran luxury real estate expert, Anthony P. Cutugno, develops customized programs designed to differentiate estate properties from other listings on the market. Founded upon a tradition of exceptional client service and marketing expertise, our programs for these properties are designed to attract discerning customers throughout the region and around the globe. Encompassing a blend of new media as well as traditional time-honored marketing approaches, each program is customized to promote a property s unique qualities. This expertise when combined with the powerful Houlihan Lawrence brand recognition has made us the leading authority on luxury residential real estate in Westchester, Putnam and Dutchess counties. For more information on our Luxury Country Properties program or to subscribe to our monthly newsletter, please contact us at lcp@houlihanlawrence.com houlihanlawrence.com