Houlihan Lawrence Luxury Market Report

Houlihan Lawrence Luxury Market Report

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
[email protected]
4th Quarter 2013
Executive Summary
January 2014
Welcome to our latest Luxury Market Report detailing Fourth Quarter sales activity for properties priced
at $2M or more in Westchester County and $1M or more in Putnam and Dutchess counties.
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 Fourth
Quarter, full Year 2013 statistics indicate a steadily improving luxury market fueled by a number of toptier sales. Waterfront properties on Long Island Sound garnered some of the highest sale prices
including an 1895 Tudor residence in Larchmont that sold for $8.8M 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 three-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 $4.2M 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 45% of total luxury sales
in the region, Houlihan Lawrence is uniquely positioned to advise our clients 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 [email protected].
Anthony Cutugno
Senior Vice President
Director of Luxury Country Properties
LuxuryMarket
MarketReport
Report
Luxury
4thQuarter
Quarter2013
2013
4th
Houlihan Lawrence remains the leader in luxury home sales throughout the region.
Westchester, Putnam & Dutchess Counties Luxury Home Sales
$1 Million & Higher
Houlihan Lawrence 43%
17%
9%
4%
3%
Source: HGMLS and MHMLS, 1/1/13-12/31/13, Single Family Homes sold over $1 million by Company, Westchester, Putnam and Dutchess counties
Sizeable gains in both the number of Luxury Homes Sold and Total Dollar Volume were recorded in
all counties in 2013
The dip in Fourth 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 three-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
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 Fourth Quarter in
Westchester and represented the highest reported sale for the entire three-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
67
48
25
6
37
12
6
1
2
4
4
6
76
41
16
6
23
7
4
0
3
6
4
Not Valid
-11.8%
17.1%
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
52
32
25
8
6
6
3
0
9
5
8
Not Valid
51
40
18
8
4
2
2
0
13
20
9
Not Valid
2.0%
-20.0%
38.9%
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
5
0
11
Not Valid
55
49
2
2
28
25
1.8%
-8.2%
150.0%
-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
WHITE OAK, GREENWICH, CT
Offered at $15,725,000
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
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 timehonored 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
[email protected]
914.234.0308
houlihanlawrence.com