Houlihan Lawrence Luxury Market Report
4th Quarter 2013
HoulihanLawrence.com
Presented by Anthony Cutugno Senior Vice President Director of Luxury Country Properties Direct: 914.234.0308 acutugno@houlihanlawrence.com
4th Quarter 2013
Executive Summary
January 2014
Welcome to our latest Luxury Market Report detailing 4th Quarter sales activity for properties priced at $2M or more in Westchester County and $1M or more in Putnam and Dutchess. Following the momentum of the New York City market, the luxury market saw steady growth in 2013 and ended the year with a 16% gain in Westchester and a 6% increase in Putnam and Dutchess counties. As in the previous three quarters of 2013, Southern Westchester was again the sales leader for luxury properties with the greatest activity occurring in the $2M to $3M price range. Despite a soft 4th Quarter, Full Year 2013 statistics indicate a steadily improving luxury market fueled by a number of top-tier sales. Waterfront properties on Long Island Sound garnered some of the highest sales prices including an 1895 Tudor residence in Larchmont that sold for $8.8 Million and a waterfront home in Rye’s Milton Point which sold for $11.6M. Though slower to recover than Southern Westchester, Northern Westchester returned to the spotlight with the sale of a 286-acre equestrian farm in North Salem for $14.9M, the year’s highest sale in our 3-county territory. Noteworthy sales in Putnam and Dutchess Counties include a 100+ acre Hudson River estate selling for $6.95M in Garrison, and a 400-acre country estate in Millbrook achieving a selling price of $9.5M. Sales of our Luxury Country Properties in 2013 were robust as well and we are happy to report our listings achieved the highest sale price in many markets we serve. We also experienced the influence of weekenders in our northern marketplaces including several properties in Columbia County, an emerging and exciting market for Houlihan Lawrence. Luxury Country Properties listed and sold a prominent modernist home, designed by renowned Chinese artist Ai WeiWei, for $4.2 Million in Ancram, NY and a Chatham, NY historic farm, which traded close to $3M. In 2014, we expect to see the gap close between Southern Westchester and our northern marketplaces and growth in the market overall. We agree with the prevailing wisdom that 2014 could be the year of a faster paced luxury market driven by increased consumer confidence, an improving economy and heightened demand for important properties. As the market leader with nearly 50% of total luxury sales in the region, Houlihan Lawrence is uniquely positioned to advise our clients and customers on the quickly changing luxury marketplace. In the meantime, if you are considering selling your estate property and would like more information on your local luxury market, please contact me at 914.234.0308 or email us at lcp@houlihanlawrence.com.
Anthony Cutugno Senior Vice President Houlihan Lawrence Luxury Division
Luxury Quarterly Report Market Comparison Graph Q4 -2013
Sizeable gains in the both the number of luxury Homes Sold and Total Dollar Volume were recorded in all counties in 2013 The dip in 4th Quarter was offset by the unusually brisk sales that were registered in the previous two quarters With 291 $2M+ Homes Sold in 2013, Westchester continues to be the leading choice for luxury homebuyers in our 3-county territory Westchester County Luxury Home Sales - $2 Million & Higher  Homes Sold Total Dollar Volume Median Sale Price
Q4-2013
Q4-2012
% Change
Full Year 2013
50
57
-12.3%
291
251
15.9%
-28.9%
$892,720,543
$786,894,348
13.4%
$152,921,888 $215,171,100
Full Year 2012 % Change
$2,617,500
$2,900,000
-9.7%
$2,495,000
$2,675,000
-6.7%
Average Price Per Square Foot
$502
$584
-14.0%
$554
$558
-0.7%
Average Days on Market
276
250
10.4%
221
218
1.4%
% Sale Price to List Price
92.8
87.9
5.6%
93.9
91.9
2.2%
Putnam & Dutchess County Luxury Home Sales - $1 Million & Higher Â
Q4-2013
Q4-2012
% Change
Full Year 2013
Full Year 2012
% Change
8
10
-20.0%
36
34
5.9%
Total Dollar Volume
$18,325,000
$20,289,000
-9.7%
$78,831,950
$60,014,000
31.4%
Median Sale Price
$1,415,000
$1,405,000
0.7%
$1,387,500
$1,397,500
-0.7%
Average Price Per Square Foot
$392
$468
-16.2%
$456
$486
-6.2%
Average Days on Market
193
193
0.0%
240
281
-14.6%
% Sale Price to List Price
90.9
89.8
1.2%
88.3
88.1
0.2%
Homes Sold
Source: Hudson Gateway Multiple Listing Service & Mid-Hudson Multiple Listing Service.
Homes selling between $2M-2.999M remained the most popular price range for luxury buyers, registering a 20% gain for both Fourth Quarter and Full Year 2013 The number of top-tier transactions in Westchester nearly doubled in 2013, evidenced by an 80% improvement in the $5M-9.999M price range Similarly, Putnam and Dutchess reported substantial gains at the high-end in 2013 with a 66% gain in Total Homes Sold for $2M+ vs. 2012 Westchester County Luxury Home Sales Price Range
Q4-2013
Q4-2012
% Change
Full Year 2013
Full Year 2012
% Change
$2,000,000 - $2,999,999
35
29
20%
201
167
20%
$3,000,000 - $4,999,999
12
20
-40%
61
67
-9%
$5,000,000 - $9,999,999
2
6
-66%
27
15
80%
$10,000,000 and up
1
2
-50%
2
2
0%
Market Totals
50
57
-12%
291
251
16%
Source: Hudson Gateway Multiple Listing Service & Mid-Hudson Multiple Listing Service
Putnam & Dutchess County Luxury Home Sales Price Range
Q4-2013
Q4-2012
% Change
Full Year 2013
Full Year 2012
% Change
$1,000,000 - $1,999,999
6
8
-25%
26
28
-7%
$2,000,000 and up
2
2
0%
10
6
66%
Market Totals
8
10
-20%
36
34
6%
Source: Hudson Gateway Multiple Listing Service & Mid-Hudson Multiple Listing Service
Following past performance, Southern Westchester locales accounted for the majority of luxury property sales in Fourth Quarter 2013 A North Salem equestrian farm, which sold for $14,902,000, was the highest sale for 4th Quarter in Westchester and represented the highest reported sale for the entire 3-county region in 2013 In Putnam County, a historic Hudson River estate in Garrison which sold for $6,950,000 in Fourth Quarter, also represented the highest sale of the year in that region Top Luxury Markets Westchester County Luxury Home Sales $2 Million & Higher
School District
# of Sales
Median Luxury Sale Price
Highest Sale Price
Harrison
8
$3,200,000
$6,200,000
Mamaroneck
7
$2,120,000
$4,000,000
Rye City
7
$2,175,000
$6,300,000
Bronxville
6
$2,200,000
$3,025,000
Bedford
5
$2,450,000
$3,262,000
Katonah-Lewisboro
4
$2,482,500
$3,250,000
Scarsdale
4
$2,850,000
$3,885,000
Chappaqua
2
$2,287,500
$2,325,000
Edgemont
2
$3,125,000
$3,250,000
Byram Hills
2
$3,699,750
$4,504,500
Yonkers
1
$2,050,000
$2,050,000
North Salem
1
$14,902,000
$14,902,000
Pelham
1
$2,460,000
$2,460,000
Putnam & Dutchess County Luxury Home Sales $1 Million & Higher
School Dist/City/Town
# of Sales
Median Luxury Sale Price
Highest Sale Price
Clinton
4
$1,415,000
$3,500,000
Washington
2
$1,422,500
$1,700,000
Haldane
1
$1,100,000
$1,100,000
Garrison
1
$6,950,000
$6,950,000
Source: Hudson Gateway Multiple Listing Service & Mid-Hudson Multiple Listing Service
As of December 31, 2013, Pending Sales rose dramatically vs. December 31, 2012, indicating a strong First Quarter 2014 performance for luxury sales The healthy balance between supply and demand in Southern Westchester at the end of 2013 bodes well for the continued strength of this area in 2014 Supply/Demand Snapshot Southern Westchester County - $2 Million & Higher As of December 31, 2013
Price Range $2,000,000 - $2,999,999 $3,000,000 - $4,999,999 $5,000,000 - $9,999,999 $10,000,000 and up
As of December 31, 2012
2013 vs. 2012
SUPPLY Active Listings
DEMAND Pending Sales
Supply/ Demand Ratio*
SUPPLY Active Listings
DEMAND Pending Sales
Supply/ Demand Ratio*
% Change in Listings
% Change in Pendings
66 49 25 6
37 12 6 1
2 4 4 6
76 41 16 6
23 7 4 0
3 6 4 Not Valid
-13.2% 19.5% 56.3% 0.0%
60.9% 71.4% 50.0% 0.0%
*Supply Demand Ratio Key 1-4: High Demand 5-6: Balanced 7-9: Low Demand 10+: Very Low Demand
Northern Westchester County - $2 Million & Higher As of December 31, 2013
Price Range $2,000,000 - $2,999,999 $3,000,000 - $4,999,999 $5,000,000 - $9,999,999 $10,000,000 and up
As of December 31, 2012
2013 vs. 2012
SUPPLY Active Listings
DEMAND Pending Sales
Supply/ Demand Ratio*
SUPPLY Active Listings
DEMAND Pending Sales
Supply/ Demand Ratio*
% Change in Listings
% Change in Pendings
53 32 24 9
6 6 3 0
9 5 8 Not Valid
51 40 17 9
4 2 2 0
13 20 9 Not Valid
3.9% -20.0% 41.2% 0.0%
50.0% 200.0% 50.0% 0.0%
*Supply Demand Ratio Key 1-4: High Demand 5-6: Balanced 7-9: Low Demand 10+: Very Low Demand
Putnam County - $1 Million & Higher As of December 31, 2013
Price Range $1,000,000 - $1,999,999 $2,000,000 and up
As of December 31, 2012
2013 vs. 2012
SUPPLY Active Listings
DEMAND Pending Sales
Supply/ Demand Ratio*
SUPPLY Active Listings
DEMAND Pending Sales
Supply/ Demand Ratio*
% Change in Listings
% Change in Pendings
24 15
3 2
8 8
22 12
2 0
11 Not Valid
9.1% 25.0%
50.0% 0.0%
*Supply Demand Ratio Key 1-4: High Demand 5-6: Balanced 7-9: Low Demand 10+: Very Low Demand
Dutchess County - $1 Million & Higher As of December 31, 2013
Price Range $1,000,000 - $1,999,999 $2,000,000 and up
As of December 31, 2012
2013 vs. 2012
SUPPLY Active Listings
DEMAND Pending Sales
Supply/ Demand Ratio*
SUPPLY Active Listings
DEMAND Pending Sales
Supply/ Demand Ratio*
% Change in Listings
% Change in Pendings
56 45
6 0
9 Not Valid
56 49
2 2
28 25
0.0% -8.2%
200.0% -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.
Southern Westchester (Zones 3-8), Northern Westchester (Zone 1-2).
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: Hudson Gateway Multiple Listing Service & Mid-Hudson Multiple Listing Service.
Luxury Market Report
4th Quarter 2013
A Selection of Our Recent Luxury Offerings WATERFRONT PROPERTIES
WATERFRONT ~ RIVERSIDE, CT Offered at $14,000,000 Greenwich Brokerage 203.869.0700
GREENHAVEN, RYE Offered at $4,500,000 Rye Brokerage 914.967.7680
NORTH LAKE RETREAT, ARMONK Offered at $2,250,000 Armonk Brokerage 914.273.9505
MODERN LUXE
CONYERS FARM ~ GREENWICH, CT
ROCKLEDGE, RYE
HUDSON VIEW, SCARBOROUGH
Offered at $18,500,000 Greenwich Brokerage 203.869.0700
Offered at $5,795,000 Rye Brokerage 914.967.7680
Offered at $3,950,000 Briarcliff Manor Brokerage 914.762.7200
EQUESTRIAN ESTATES
SKY BLUE FARM, MILLBROOK Offered at $21,500,000 Millbrook Brokerage 845.677.6161
MISTOVER, PAWLING Offered at $6,950,000 Brewster Brokerage 845.279.6800
VALLEY VIEW FARM, NORTH CHATHAM Offered at $2,450,000 Millbrook Brokerage 845.677.6161
Luxury Market Report
4th Quarter 2013
A Selection of Our Recent Luxury Offerings GREATEST ESTATES
PARSONAGE POINT, GREENWICH, CT Offered at $11,250,000 Greenwich Brokerage 203.869.0700
NORTHSHIRE, NORTH SALEM Offered at $18,500,000 Bedford/Pound Ridge Brokerage 914.234.9099
RABBIT HILL, SCARBOROUGH Offered at $9,800,000 Bedford/Pound Ridge Brokerage 914.234.9099
COUNTRY RETREATS
AMERICAN CRAFTSMAN, POUND RIDGE Offered at $4,750,000 Pound Ridge/Bedford Brokerage 914.764.5762
HUDSON RETREAT, GARRISON Offered at $2,500,000 Cold Spring Brokerage 845.265.5500
BELLA VISTA, KATONAH Offered at $3,295,000 Somers Brokerage 914.277.8040
CLASSIC ELEGANCE
GUARD HILL MANOR, BEDFORD CORNERS Offered at $8,999,000 Bedford/Pound Ridge Brokerage 914.234.9099
AMERICAN BEAUTY, IRVINGTON Offered at $5,300,000 Irvington Brokerage 914.591.2700
COVENTRY COURT, SCARSDALE Offered at $5,100,000 Scarsdale Brokerage 914.723.8877
Luxury Quarterly Report Back Cover Q4 -2013