4th Quarter Luxury Market Report

Transcription

1 4th Quarter Luxury Market Report

2 Presented By DAVID TURNER Associate Real Estate Broker Bedford Village Green Mobile: Office: Ext Fax: HOULIHANLAWRENCE.COM

3 EXECUTIVE SUMMARY FOURTH QUARTERR We monitor the impact of Wall Street on our markets closely since many buyers of luxury real estate North of Neww York City work in the financial markets. Luxury real estate in Westchester County ($2M or more); Greenwich ($3M or more); Putnam and Dutchess ($1MM or more), which are analyzed in this report, did not experience the volatilityty that defined the financial markets. Rather, we encountered an erratic and inconsistent market that framed the narrative for. The first half of the year began solidly. Inventory levels were balanced and buyers acted decisively. In most markets, pending sales grew as new luxury listings were absorbedd at a healthy pace. From April through October, the market derailed. Buyers retreated and slumping demand drove the number of Westchester luxury homes for sale to an all-time high. It was late October when buyers reappeared turning seasonality on its ear and thee market accelerated. Momentum continued through the final days of. As a matter of fact, several important properties went into contractt between Thanksgiving and Christmas, a typically quiet period for luxury real estate. As a whole, Westchester County s luxury market ended the yearr down slightly. However the divergence betweenn Northern and Southern Westchester is worth noting. Luxury homes sold in Northern Westchester declined 39 and total dollar volume slid 48. In Southern Westchester, luxury homess sales increased 9 and total dollar volume rose by 13. Pending sales (closing within the next 60 to 90 days) indicate that the bifurcated environment will persist well into 2016, as today s buyer seems to be attracted to communities closer to Manhattann with a moree cosmopolitan lifestyle. The highest sale in Westchester County was $9M and for the first time since 2010, Westchester s ultra-luxuryy market ($10M+) simply did not exist. In Greenwich, the ultra-luxury market declined by 66 and the highest reported sale was $14.9M. This lackluster performancee was in sharpp contrast to, when Westchester County postedd the highest recorded sale ($ $27.5M) and a $120M Greenwich waterfront was the highest reported single-familyy residential sale in United States. In Putnam and Dutchess counties, luxury markets are unchanged from last year. Activity levels increased in thee fourth quarter and we anticipate positive movement as a result of more buyerss in the market. Looking forward, the new media economy is creating a fresh crop of buyers gravitating to New York City's northernn suburbs and it may be just possible that Wall Street is loosening its grip on ourr luxury markets. Sincerely, Anthony Cutugno Senior Vice President Director of Private Brokeragee

4 LUXURY MARKET REPORT 4 th QUARTER Strong gains in Southern Westchester offset declines in Northern Westchester, and the overall luxury market ended the year with slight declines in homes sold and dollar volume After a strong year in, the luxury market in Greenwich lagged in, with declines in most categories Total dollar volume, median sale price and average cost per square foot increased in Putnam and Dutchess counties and the number of luxury homes sold remained level with WESTCHESTER COUNTY LUXURY HOME $2M AND HIGHER HOMES SOLD TOTAL DOLLAR VOLUME $191,522,446 $199,078, $1,002,546,087 $1,040,787, MEDIAN SALE PRICE $2,500,000 $2,842, $2,626,250 $2,650, AVERAGE PRICE PER SQUARE FOOT $540 $ $572 $ AVERAGE DAYS ON MARKET SALE PRICE TO LIST PRICE GREENWICH, CT LUXURY HOME $3M AND HIGHER UNITS SOLD TOTAL DOLLAR VOLUME $119,284,499 $203,743, $783,600,492 $979,610, MEDIAN SALE PRICE $4,125,000 $4,850, $4,200,000 $4,250, AVERAGE PRICE PER SQUARE FOOT $705 $ $729 $ AVERAGE DAYS ON MARKET SALE PRICE TO LIST PRICE PUTNAM AND DUTCHESS COUNTY LUXURY HOME $1M AND HIGHER HOMES SOLD TOTAL DOLLAR VOLUME $24,267,700 $29,305, $72,168,400 $68,585, MEDIAN SALE PRICE $1,700,000 $1,600, $1,622,500 $1,425, AVERAGE PRICE PER SQUARE FOOT $490 $ $456 $ AVERAGE DAYS ON MARKET SALE PRICE TO LIST PRICE Source: Hudson Gateway Multiple Listing Service, Mid-Hudson Multiple Listing Service and Greenwich Multiple Listing Service.

5 Test LUXURY MARKET REPORT 4 th QUARTER Seven out of ten luxury sales in Westchester were between $2M and $2.99M. The ultra-luxury market ($10M+) was inactive for the first time in 6 years In Greenwich, the $4M to $4.99M price range posted the highest gain for the year, and the ultra-luxury segment ($10M+) experienced the steepest decline The number of luxury homes sold in Putnam and Dutchess county were unchanged from WESTCHESTER COUNTY LUXURY HOME $2,000,000 - $2,999, $3,000,000 - $4,999, $5,000,000 - $9,999, $10,000,000 and up 0 0 Not Valid GREENWICH, CT LUXURY HOME $3,000,000 - $3,999, $4,000,000 - $4,999, $5,000,000 - $9,999, $10,000,000 and up PUTNAM AND DUTCHESS COUNTY LUXURY HOME $1,000,000 - $1,999, $2,000,000 and up Source: Hudson Gateway Multiple Listing Service, Mid-Hudson Multiple Listing Service and Greenwich Multiple Listing Service

6 LUXURY MARKET REPORT 4 th QUARTER TOP LUXURY MARKETS The highest sale of quarter - $9M in Rye was also one of the highest sales of the year in Westchester County The highest sale of the quarter was achieved in Greenwich, as were the majority of luxury sales A Garrison property was the highest sale of the quarter and highest sale of the year in Putnam County WESTCHESTER COUNTY LUXURY HOME $2M AND HIGHER SCHOOL DISTRICT # OF MEDIAN LUXURY SALE PRICE HIGHEST SALE PRICE MAMARONECK 13 $2,325,000 $4,700,000 BEDFORD 10 $2,425,000 $7,950,000 RYE CITY 10 $2,847,500 $9,000,000 SCARSDALE 10 $2,726,250 $3,925,000 BRONXVILLE 6 $2,792,500 $5,000,000 GREENWICH, CT LUXURY HOME $3M AND HIGHER TOWN/CITY # OF MEDIAN LUXURY SALE PRICE HIGHEST SALE PRICE GREENWICH 21 $4,270,000 $9,355,000 OLD GREENWICH 3 $4,100,000 $4,150,000 RIVERSIDE 2 $5,037,500 $6,400,000 COS COB 0 $0 $0 PUTNAM AND DUTCHESS COUNTY LUXURY HOME $1M AND HIGHER SCHOOL DISTRICT/CITY/TOWN # OF MEDIAN LUXURY SALE PRICE HIGHEST SALE PRICE WASHINGTON 4 $1,487,500 $2,400,000 STANFORD 2 $2,024,000 $2,598,000 HALDANE 1 $2,233,200 $2,233,200 GARRISON 1 $2,999,000 $2,999,000 PUTNAM VALLEY 1 $2,500,000 $2,500,000 CARMEL 1 $1,800,000 $1,800,000 UNION VALE 1 $1,612,500 $1,612,500 Source: Hudson Gateway Multiple Listing Service, Mid-Hudson Multiple Listing Service and Greenwich Multiple Listing Service

7 SNAPSHOT LUXURY MARKET REPORT 4 th QUARTER SOUTHERN WESTCHESTER COUNTY LUXURY HOME $2M AND HIGHER PRICE RANGE AS OF DECEMBER 31, AS OF DECEMBER 31, vs. : : IN IN 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 NORTHERN WESTCHESTER COUNTY LUXURY HOME $2M AND HIGHER PRICE RANGE AS OF DECEMBER 31, AS OF DECEMBER 31, vs. : : IN IN S $2,000,000 - $2,999, $3,000,000 - $4,999, Not Valid $5,000,000 - $9,999, $10,000,000 and up 9 0 Not Valid 9 0 Not Valid GREENWICH, CT LUXURY HOME $3M AND HIGHER PRICE RANGE AS OF DECEMBER 31, AS OF DECEMBER 31, vs. : : IN IN S $3,000,000 - $3,999, $4,000,000 - $4,999, $5,000,000 - $9,999, $10,000,000 and up PUTNAM COUNTY LUXURY HOME $1M AND HIGHER PRICE RANGE AS OF DECEMBER 31, AS OF DECEMBER 31, vs. : : IN IN S $1,000,000 - $1,999, Not Valid $2,000,000 and up 7 0 Not Valid DUTCHESS COUNTY LUXURY HOME $1 AND HIGHER PRICE RANGE AS OF DECEMBER 31, AS OF DECEMBER 31, vs. : : IN IN S $1,000,000 - $1,999, $2,000,000 and up 23 0 Not Valid 24 0 Not Valid *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.

8 LUXURY MARKET REPORT 4 th QUARTER TEN-YEAR MARKET HISTORY WESTCHESTER COUNTY LUXURY HOME $2M AND HIGHER GREENWICH, CT LUXURY HOME $3M AND HIGHER Source: Hudson Gateway, Mid-Hudson and Greenwich Multiple Listing Service.

9 LUXURY MARKET REPORT 4 th QUARTER TEN-YEAR MARKET HISTORY PUTNAM COUNTY LUXURY HOME $1M AND HIGHER DUTCHESS COUNTY LUXURY HOME $1 AND HIGHER Source: Hudson Gateway, Mid-Hudson and Greenwich Multiple Listing Service.

10 LUXURY MARKET REPORT th QUARTER A SELECTION OF OUR RECENT LUXURY OFFERINGS GREATEST ESTATES Conyers Farm, Greenwich WEB# MR $11,900,000 Greenwich Brokerage Exceptional Estate, Katonah WEB# MR $5,995,000 Bedford/Pound Ridge Brokerage Majestic Colonial, Bronxville WEB# MR $5,950,000 Bronxville Brokerage WATERFRONT PROPERTIES Waterfront Haven, Old Greenwich WEB# MR $15,995,000 Greenwich Brokerage Waterfall House, Rhinebeck WEB# MR $8,995,000 Millbrook Brokerage One Bay, Larchmont WEB# MR $8,500,000 Larchmont Brokerage MODERN ELEGANCE 21st Century Back-Country, Greenwich WEB# MR $9,595,000 Greenwich Brokerage Top Of The World, Bedford Corners WEB# MR $5,900,000 Bedford/Pound Ridge Brokerage Post Modern Masterpiece, Pine Plains WEB# MR $5,500,000 Millbrook Brokerage

11 LUXURY MARKET REPORT th QUARTER A SELECTION OF OUR RECENT LUXURY OFFERINGS EQUESTRIAN PROPERTIES Sugar Maple Farm, Poughquag WEB# MR $23,500,000 Millbrook Brokerage Old Stone Farm, Staatsburg WEB# MR $8,750,000 Millbrook Brokerage Skarship Farm, Hillsdale WEB# MR $6,500,000 Millbrook Brokerage COUNTRY RETREATS Resort-Style Living, Greenwich WEB# MR $7,850,000 Greenwich Brokerage Farm, LaGrangeville WEB# MR $7,750,000 Millbrook Brokerage Half Moon, Cold Spring WEB# MR $4,250,000 Cold Spring Brokerage DOWNTOWN CLASSIC Extraordinary Colonial, Bronxville WEB# MR $6,595,000 Bronxville Brokerage Walk to Greenwich Ave, Greenwich WEB# MR $5,995,000 Greenwich Brokerage Built to Perfection, Rye WEB# MR $5,695,000 Rye Brokerage

12 HOULIHAN LAWRENCE PRIVATE BROKERAGE Designed expressly for our region's most exceptional properties, Houlihan Lawrence Private Brokerage offers discreet advisory and brokerage services to our valued luxury clients. Since its inception in 1990, our exclusive luxury program directed by Senior Vice President, Anthony P. Cutugno has earned a reputation for personalized boutique-style service and nuanced marketing that best serves the interests of our clientele. Known for our prudence and reliability, Houlihan Lawrence has worked with many of the area's most prominent families, charitable trusts, banks and estate trustees in facilitating the sale of the region's most prestigious properties. Based on the private banking model, Tony is personally involved in every transaction offering invaluable insight and advice honed by decades of experience in international trade and luxury real estate. What sets Private Brokerage apart is our ability to leverage Houlihan Lawrence's vast resources and impressive global partners to successfully position a property within the international marketplace. With a reach that extends to 6 continents, Houlihan Lawrence Private Brokerage understands the world of luxury and has cultivated relationships with international partners and high net-worth clients across the globe. These world-class connections supported by the personal oversight of Tony and his Private Brokerage team create a powerful combination that drives results year-after-year HOULIHANLAWRENCE.COM