LUXURY MARKET REPORT
2ND QUARTER 2014
Presented By
ANTHONY CUTUGNO Senior Vice President Director of Private Brokerage Direct: 914.234.0308 acutugno@houlihanlawrence.com
HoulihanLawrence.com
EXECUTIVE SUMMARY SECOND QUARTER 2014
We are pleased to present our Second Quarter Luxury Market Report summarizing sales activity for properties priced at $3 Million or more in Greenwich, $2 Million+ in Westchester County and $1 Million+ in Putnam and Dutchess 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 thriving marketplace. Home sales in Westchester County were less newsworthy but remained stable nonetheless. Despite a dip in quarter vs. quarter sales, year-to-date sales reflect a 12.3% gain vs. 2013, bolstered by the unusually active First Quarter we experienced 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 Dutchess counties 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 properties in Greenwich. Despite the widespread attention given to the region’s trophy sales, the high inventory of luxury properties remains an on-going challenge in many of the markets we represent. Greenwich and Southern Westchester locales close to New York City enjoy a balanced supply/demand ratio at the moment while high inventory and a smaller pool of buyers continue to impact our northern marketplaces. However, the increase in weekend buyers that started at the end of 2013 is continuing and we are optimistic that sales to this important buyer segment will strengthen as we move into late summer and fall.
Sincerely, Anthony Cutugno Senior Vice President Director of Private Brokerage
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LUXURY MARKET REPORT 2nd QUARTER 2014
In Westchester County, the decrease in Second Quarter has been offset by robust First Quarter sales yielding healthy improvements Year-to-Date vs. 2013 Luxury sales in Greenwich skyrocketed, thanks to a number of top-tier sales including a record-breaking $120 Million sale which skewed the quarter vs. quarter Dollar Volume comparison Sizeable quarter vs. quarter gains were reported for both Putnam and Dutchess counties
WESTCHESTER COUNTY LUXURY HOME SALES | $2M AND HIGHER Q2 2014
Q2 2013
% CHANGE
YTD 2014
YTD 2013
% CHANGE
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%
$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%
Q2 2014
Q2 2013
% CHANGE
YTD 2014
YTD 2013
% CHANGE
57
31
83.9%
88
54
63.0%
$402,425,453
$158,111,104
154.5%
$555,406,753
$270,376,838
105.4%
$3,990,000
$4,100,000
-2.7%
$4,000,000
$4,287,500
-6.7%
$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%
HOMES SOLD
AVERAGE PRICE PER SQUARE FOOT
GREENWICH, CT LUXURY HOME SALES | $3M AND HIGHER UNITS SOLD TOTAL DOLLAR VOLUME MEDIAN SALE PRICE AVERAGE PRICE PER SQUARE FOOT
PUTNAM AND DUTCHESS COUNTY LUXURY HOME SALES | $1M AND HIGHER Q2 2014
Q2 2013
% CHANGE
YTD 2014
YTD 2013
% CHANGE
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%
HOMES SOLD
Source: Hudson Gateway Multiple Listing Service, Mid-Hudson Multiple Listing Service and Greenwich Multiple Listing Service.
LUXURY MARKET REPORT 2nd QUARTER 2014
Test
Year-to-date, Westchester County registered increases for homes priced under $5 Million The vigor of Greenwich’s luxury market is apparent in all price categories, especially for properties selling for $10 Million or more Luxury sales are moving upward in Putnam and Dutchess counties
WESTCHESTER COUNTY LUXURY HOME SALES Q2 2014
Q2 2013
% CHANGE
YTD 2014
YTD 2013
% 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%
Q2 2014
Q2 2013
% CHANGE
YTD 2014
YTD 2013
% 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%
GREENWICH, CT LUXURY HOME SALES
PUTNAM AND DUTCHESS COUNTY LUXURY HOME SALES Q2 2014
Q2 2013
% CHANGE
YTD 2014
YTD 2013
% 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 REPORT 2nd QUARTER 2014 TOP LUXURY MARKETS Southern Westchester locales remain the most popular areas for high-end buyers except for Bedford, which showed renewed strength 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 highest sale 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
$4,328,000
BEDFORD
11
$2,850,000
$4,192,500
BRONXVILLE
10
$2,437,500
$3,110,000
RYE CITY
10
$2,440,000
$3,500,000
MAMARONECK
9
$2,500,066
$4,000,000
# OF SALES
MEDIAN LUXURY SALE PRICE
HIGHEST SALE PRICE
GREENWICH
42
$4,209,032
$120,000,000
OLD GREENWICH
7
$3,925,000
$4,800,000
RIVERSIDE
6
$3,550,000
$4,100,000
COS COB
0
$0
$0
GREENWICH, CT LUXURY HOME SALES | $3M AND HIGHER TOWN/CITY
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
$1,400,000
NORTH EAST
2
$1,600,000
$2,000,000
HALDANE
1
$2,000,000
$2,000,000
MAHOPAC
1
$1,100,000
$1,100,000
STANFORD
1
$1,325,000
$1,325,000
CLINTON
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 REPORT 2nd QUARTER 2014 SUPPLY/DEMAND SNAPSHOT SOUTHERN WESTCHESTER COUNTY LUXURY HOME SALES | $2M AND HIGHER AS OF JUNE 30, 2014 PRICE RANGE
SUPPLY: ACTIVE LISTINGS
DEMAND: PENDING SALES
AS OF JUNE 30, 2013 SUPPLY/ DEMAND RATIO*
SUPPLY: ACTIVE LISTINGS
DEMAND: PENDING SALES
2014 vs. 2013 SUPPLY/ DEMAND RATIO*
% CHANGE IN LISTINGS
% CHANGE IN PENDINGS
$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 PRICE RANGE
SUPPLY: ACTIVE LISTINGS
DEMAND: PENDING SALES
AS OF JUNE 30, 2013 SUPPLY/ DEMAND RATIO*
SUPPLY: ACTIVE LISTINGS
DEMAND: PENDING SALES
2014 vs. 2013 SUPPLY/ DEMAND RATIO*
% CHANGE IN LISTINGS
% CHANGE IN PENDINGS
$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 PRICE RANGE
SUPPLY: ACTIVE LISTINGS
DEMAND: PENDING SALES
AS OF JUNE 30, 2013 SUPPLY/ DEMAND RATIO*
SUPPLY: ACTIVE LISTINGS
DEMAND: PENDING SALES
2014 vs. 2013 SUPPLY/ DEMAND RATIO*
% CHANGE IN LISTINGS
% CHANGE IN PENDINGS
$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 PRICE RANGE
SUPPLY: ACTIVE LISTINGS
DEMAND: PENDING SALES
AS OF JUNE 30, 2013 SUPPLY/ DEMAND RATIO*
SUPPLY: ACTIVE LISTINGS
DEMAND: PENDING SALES
2014 vs. 2013 SUPPLY/ DEMAND RATIO*
% CHANGE IN LISTINGS
% CHANGE IN PENDINGS
$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 PRICE RANGE
SUPPLY: ACTIVE LISTINGS
DEMAND: PENDING SALES
AS OF JUNE 30, 2013 SUPPLY/ DEMAND RATIO*
SUPPLY: ACTIVE LISTINGS
DEMAND: PENDING SALES
2014 vs. 2013 SUPPLY/ DEMAND RATIO*
% CHANGE IN LISTINGS
% CHANGE IN PENDINGS
$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 REPORT 2nd 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 REPORT 2nd 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.
LUXURY MARKET REPORT 2nd QUARTER 2014
A SELECTION OF OUR RECENT LUXURY OFFERINGS WATERFRONT PROPERTIES
ON MILTON HARBOR, RYE
PREMIUM POINT, MAMARONECK
WATERFRONT LIVING, OLD GREENWICH
Offered at $10,900,000 Rye Brokerage 914.967.7680
Offered at $7,999,888 Larchmont Brokerage 914.833.0420
Offered at $2,995,000 Greenwich Brokerage 203.869.0700
GREATEST ESTATES
TWIN PONDS, BEDFORD CORNERS
GEORGIAN MANOR, GREENWICH
MASTERTON WOODS, BRONXVILLE
Offered at $25,000,000 Bedford/Pound Ridge Brokerage 914.234.9099
Offered at $17,250,000 Greenwich Brokerage 203.869.0700
Offered at $10,000,000 Bronxville Brokerage 914.337.0400
MODERN ELEGANCE
CAROLYN PLACE, CHAPPAQUA
SYLVAN MANOR, PURCHASE
HIGH MEADOWS, MOUNT KISCO
Offered at $6,495,000 Armonk Brokerage 914.273.9505
Offered at $3,950,000 Rye Brokerage 914.967.7680
Offered at $2,895,000 Briarcliff Manor Brokerage 914.762.7200
LUXURY MARKET REPORT 2nd QUARTER 2014
A SELECTION OF OUR RECENT LUXURY OFFERINGS EQUESTRIAN PROPERTIES
SANDSWEPT HILL, GREENWICH
SASSAFRAS FARM, SOUTH SALEM
HIDDEN BROOK FARM, SALT POINT
Offered at $13,900,000 Greenwich Brokerage 203.869.0700
Offered at $4,950,000 Bedford/Pound Ridge Brokerage 914.234.9099
Offered at $3,750,000 Millbrook Brokerage 845.677.6161
COUNTRY RETREATS
BEVERLY FARM, GARRRISON
THE STONE HOUSE, POUND RIDGE
CASTLE HILL, STANFORDVILLE
Offered at $3,900,000 Cold Spring Brokerage 845.265.5500
Offered at $2,500,000 Pound Ridge/Bedford Brokerage 914.764.5762
Offered at $1,600,000 Millbrook Brokerage 845.677.6161
HISTORIC TREASURES
HIDDEN BROOK FARM, PURCHASE
RIVERSIDE CLASSIC
BEECHWOOD, SCARBOROUGH
Offered at $9,995,000 Rye Brokerage 914.967.7680
Offered at $6,875,000 Greenwich Brokerage 203.869.0700
Offered at $1,995,000 Briarcliff Manor Brokerage 914.762.7200
HOULI HAN LAWRENCE PRI VATE 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.
914.234.0308 HOULIHANLAWRENCE.COM