nd Quarter Luxury Market Report

�nd Quarter �� Luxury Market Report

Presented By

BARRY GRAZIANO Branch Manager, Associate RE Broker Chappaqua Brokerage Mobile: 914.469.0053 Office: 914.238.4766 Ext. 222 | Fax: 914-238-5701 Email: [email protected]

HOULIHANLAWRENCE.COM

EXECUTIVE SUMMARY SECOND QUARTER 2016

As we enter the second half of 2016, we are happy to share improvements in our luxury markets. In Westchester County, luxury sales ($2M+) increased in the second quarter and year-to-date. Properties are selling faster and the $2M to $3M price range continues to show dependable activity. Demand for Northern Westchester has re-emerged with a 5% increase in closed luxury sales, 64% increase in pended sales, and growing momentum in the previously quiet $5M+ price range. Putnam and Dutchess counties both closed significant sales over $5M and dollar volume increased 20% year-to-date. After several years of tepid high-end luxury sales, this renewed activity may be an inflection point in the market. In Fairfield County, the inventory of luxury homes for sale remains historically high and the number of transactions over $3M has declined year-over-year. With more homes to choose from, luxury buyers appear fearful of overpaying and are becoming more selective and analytical than we’ve seen in years. Seemingly, despite historically low interest rates which should create more buying power, many luxury buyers feel little urgency to act quickly. This trend is evident in Westchester’s luxury market as well, where closed and pending sales above $3M have declined. Quite simply, the oversupply of luxury listings has stalled the higher end. Buyers are passively monitoring the market – they have interest but no desire. They spring into action when a property is offered at or reduced to a price that aligns with their definition of value. Value is the number one motivator for buyers and sellers should be ready to pivot and adjust to a transitioning market. This includes altering price expectations and the time it will take to sell their property. Competition for luxury buyers’ attention is at a fever-pitch and the proper positioning and presentation of a property can help to ignite buyer interest. Real estate used to be all about location, location, location. In today’s challenging market, the new mantra is location, quality and value, all equally important to our luxury buyer.

Sincerely,

Anthony Cutugno Senior Vice President Director of Private Brokerage

LUXURY MARKET REPORT 2nd QUARTER 2016

Westchester County’s luxury market had strong second quarter performance with a 16% increase in homes sold In Putnam and Dutchess, sales were down for the quarter but unchanged year-to-date The luxury market is cooling in Greenwich, with double-digit declines in homes sold and total dollar volume

WESTCHESTER COUNTY LUXURY HOME SALES | $2M AND HIGHER Q2 2016

Q2 2015

% CHANGE

YTD 2016

YTD 2015

% CHANGE

91

78

16.7%

139

135

3.0%

$275,776,443

$246,422,900

11.9%

$425,588,141

$418,708,038

1.6%

$2,525,000

$2,775,000

-9.0%

$2,572,500

$2,775,000

-7.3%

$585

$586

-0.2%

$577

$583

-1.0%

AVERAGE DAYS ON MARKET

121

135

-10.4%

136

133

2.3%

% SALE PRICE TO LIST PRICE

95.1%

95.8%

-0.7%

94.9%

95.2%

-0.3%

HOMES SOLD TOTAL DOLLAR VOLUME MEDIAN SALE PRICE AVERAGE PRICE PER SQUARE FOOT

PUTNAM AND DUTCHESS COUNTY LUXURY HOME SALES | $1M AND HIGHER Q2 2016

Q2 2015

% CHANGE

YTD 2016

YTD 2015

% CHANGE

9

12

-25.0%

18

18

0.0%

TOTAL DOLLAR VOLUME

$21,440,238

$21,779,500

-1.6%

$36,510,238

$30,154,500

21.1%

MEDIAN SALE PRICE

$1,500,000

$1,691,250

-11.3%

$1,447,500

$1,425,000

1.6%

AVERAGE PRICE PER SQUARE FOOT

$363

$385

-5.7%

$401

$379

5.8%


342

310

10.3%

303

269

12.6%


92.4%

87.9%

5.1%

90.6%

89.1%

1.7%

HOMES SOLD

GREENWICH, CT LUXURY HOME SALES | $3M AND HIGHER Q2 2016

Q2 2015

% CHANGE

YTD 2016

YTD 2015

% CHANGE

37

61

-39.3%

64

80

-20.0%

TOTAL DOLLAR VOLUME

$171,986,440

$272,711,287

-36.9%

$309,484,040

$403,573,787

-23.3%

MEDIAN SALE PRICE

$4,050,000

$4,155,000

-2.5%

$4,062,500

$4,205,500

-3.4%


$708

$734

-3.5%

$734

$752

-2.4%


271

236

14.8%

275

234

17.5%


93.1%

94.0%

-1.0%

92.0%

93.6%

-1.7%

UNITS SOLD

Source: Hudson Gateway Multiple Listing Service, Mid-Hudson Multiple Listing Service and Greenwich Multiple Listing Service.


The luxury market in Darien and New Canaan continues to cool, with double digit declines in homes sold and total dollar volume. In Darien, dollar volume has declined significantly less than the number of homes sold, accounting for a nearly 11% increase in median sale price Rowayton experienced a significant year-over-year increase in luxury homes sold

DARIEN LUXURY HOME SALES | $2M AND HIGHER Q2 2016

Q2 2015

% CHANGE

YTD 2016

YTD 2015

% CHANGE

22

31

-29.0%

36

41

-12.2%

TOTAL DOLLAR VOLUME

$63,172,500

$88,256,838

-28.4%

$117,515,000

$120,748,613

-2.7%

MEDIAN SALE PRICE

$2,722,500

$2,575,000

5.7%

$2,800,000

$2,525,000

10.9%


$574

$547

4.9%

$614

$569

7.9%


130

127

2.4%

121

132

-8.3%


95.9%

96.4%

-0.5%

95.0%

95.3%

-0.3%

Q2 2016

Q2 2015

% CHANGE

YTD 2016

YTD 2015

% CHANGE

8

1

700.0%

11

4

175.0%

TOTAL DOLLAR VOLUME

$21,572,500

$3,200,000

574.1%

$31,230,000

$10,047,000

210.8%

MEDIAN SALE PRICE

$2,497,500

$3,200,000

-22.0%

$2,595,000

$2,348,500

10.5%


$632

$791

-20.1%

$653

$606

7.8%


176

176

0.0%

165

202

-18.3%


94.6%

92.8%

1.9%

94.3%

91.9%

2.6%

Q2 2016

Q2 2015

% CHANGE

YTD 2016

YTD 2015

% CHANGE

22

36

-38.9%

36

46

-21.7%

TOTAL DOLLAR VOLUME

$62,347,500

$109,839,631

-43.2%

$102,302,500

$140,257,319

-27.1%

MEDIAN SALE PRICE

$2,492,500

$2,632,500

-5.3%

$2,685,000

$2,670,000

0.6%


$467

$520

-10.2%

$459

$526

-12.7%


204

197

3.6%

267

221

20.8%


94.2%

95.2%

-1.1%

93.4%

94.8%

-1.5%

UNITS SOLD

ROWAYTON LUXURY HOME SALES | $2M AND HIGHER UNITS SOLD

NEW CANAAN LUXURY HOME SALES | $2M AND HIGHER UNITS SOLD

Source: Darien Multiple Listing Service and New Canaan Multiple Listing Service.


Test

In Westchester, the $2M to $3M price range increased by 44% and sales above $3M declined The number of $2M or higher homes sold increased in Putnam and Dutchess The luxury market in Greenwich experienced declines in all price points

WESTCHESTER COUNTY LUXURY HOME SALES Q2 2016

Q2 2015

% CHANGE

YTD 2016

YTD 2015

% CHANGE

$2,000,000 - $2,999,999

68

47

44%

101

85

18%

$3,000,000 - $4,999,999

19

25

-24%

28

40

-30%

$5,000,000 - $9,999,999

3

6

-50%

9

10

-10%

$10,000,000 and up

1

0

Not Valid

1

0

Not Valid

PUTNAM AND DUTCHESS COUNTY LUXURY HOME SALES Q2 2016

Q2 2015

% CHANGE

YTD 2016

YTD 2015

% CHANGE

$1,000,000 - $1,999,999

6

10

-40%

13

15

-13%

$2,000,000 and up

3

2

50%

5

3

66%

Q2 2016

Q2 2015

% CHANGE

YTD 2016

YTD 2015

% CHANGE

$3,000,000 - $3,999,999

16

29

-44%

29

35

-17%

$4,000,000 - $4,999,999

10

15

-33%

15

18

-16%

$5,000,000 - $9,999,999

10

16

-37%

17

24

-29%

$10,000,000 and up

1

1

0%

3

3

0%

GREENWICH, CT LUXURY HOME SALES

Source: Hudson Gateway Multiple Listing Service, Mid-Hudson Multiple Listing Service and Greenwich Multiple Listing Service


Test

The luxury market in Darien and New Canaan experienced declines in all price points Rowayton showed significant gains in the second quarter and year-to-date The majority of luxury homes sales fell within the $2M to $2.99M price range

DARIEN LUXURY HOME SALES Q2 2016

Q2 2015

% CHANGE

YTD 2016

YTD 2015

% CHANGE

$2,000,000 - $2,999,999

14

19

-26%

21

28

-25%

$3,000,000 - $4,999,999

8

12

-33%

12

12

0%

$5,000,000 - $9,999,999

0

0

Not Valid

2

0

Not Valid

$10,000,000 and up

0

0

Not Valid

1

1

0%

Q2 2016

Q2 2015

% CHANGE

YTD 2016

YTD 2015

% CHANGE

$2,000,000 - $2,999,999

5

0

Not Valid

7

3

133%

$3,000,000 - $4,999,999

3

1

200%

4

1

300%

$5,000,000 - $9,999,999

0

0

Not Valid

0

0

Not Valid

$10,000,000 and up

0

0

Not Valid

0

0

Not Valid

Q2 2016

Q2 2015

% CHANGE

YTD 2016

YTD 2015

% CHANGE

$2,000,000 - $2,999,999

15

24

-37%

22

30

-26%

$3,000,000 - $4,999,999

5

11

-54%

12

14

-14%

$5,000,000 - $9,999,999

1

0

Not Valid

1

1

0%

$10,000,000 and up

0

1

-100%

0

1

-100%

ROWAYTON LUXURY HOME SALES

NEW CANAAN LUXURY HOME SALES

Source: Darien Multiple Listing Service and New Canaan Multiple Listing Service.

LUXURY MARKET REPORT 2nd QUARTER 2016 TOP NEW YORK LUXURY MARKETS The sale of a $21,150,000 Rye waterfront property broke a record for highest sale in Southern Westchester County Both Putnam and Dutchess broke the $5M sale threshold in Haldane and Amenia

WESTCHESTER COUNTY LUXURY HOME SALES | $2M AND HIGHER SCHOOL DISTRICT

# OF SALES

MEDIAN LUXURY SALE PRICE

HIGHEST SALE PRICE

RYE CITY

22

$2,557,500

$21,150,000

SCARSDALE

15

$2,560,000

$4,850,000

BRONXVILLE

13

$2,525,000

$4,400,000

MAMARONECK

13

$2,452,555

$7,850,000

BEDFORD

8

$2,750,000

$5,000,000

HARRISON

7

$2,600,000

$3,785,000

BYRAM HILLS

3

$2,170,000

$2,572,500

KATONAH-LEWISBORO

3

$2,100,000

$3,000,000

# OF SALES


HIGHEST SALE PRICE

HALDANE

1

$5,001,000

$5,001,000

NORTH SALEM

1

$1,225,000

$1,225,000

BREWSTER

1

$1,086,738

$1,086,738

GARRISON

1

$1,500,000

$1,500,000

# OF SALES


HIGHEST SALE PRICE

AMENIA

1

$6,100,000

$6,100,000

PAWLING

1

$1,050,000

$1,050,000

RED HOOK

1

$1,200,000

$1,200,000

STANFORD

1

$1,715,000

$1,715,000

WASHINGTON

1

$2,562,500

$2,562,500

PUTNAM COUNTY LUXURY HOME SALES | $1M AND HIGHER SCHOOL DISTRICT/CITY/TOWN

DUTCHESS COUNTY LUXURY HOME SALES | $1M AND HIGHER SCHOOL DISTRICT/CITY/TOWN

Source: Hudson-Gateway Multiple Listing Service and Mid-Hudson Multiple Listing Service.

LUXURY MARKET REPORT 2nd QUARTER 2016 TOP CONNECTICUT LUXURY MARKETS Greenwich had the highest sale and the only $10M+ transaction in the second quarter Westport and New Canaan account for the majority of luxury sales in Southern Fairfield County

GREENWICH, CT LUXURY HOME SALES | $3M AND HIGHER TOWN/CITY

# OF SALES


HIGHEST SALE PRICE

GREENWICH

25

$4,100,000

$10,442,990

OLD GREENWICH

7

$3,135,000

$4,050,000

RIVERSIDE

5

$4,500,000

$9,250,000

COS COB

0

$0

$0

SOUTHERN FAIRFIELD COUNTY, CT LUXURY HOME SALES | $2M AND HIGHER TOWN/CITY

# OF SALES


HIGHEST SALE PRICE

WESTPORT

29

$2,700,000

$8,800,000

NEW CANAAN

24

$2,490,000

$6,300,000

DARIEN

23

$2,750,000

$4,625,000

ROWAYTON

10

$2,497,500

$3,925,000

NORWALK

9

$2,595,000

$3,925,000

NEW FAIRFIELD

2

$2,675,000

$3,250,000

FAIRFIELD

1

$3,637,500

$3,637,500

WESTON

1

$2,300,000

$2,300,000

RIDGEFIELD

1

$2,600,000

$2,600,000

STAMFORD

1

$2,595,666

$2,595,666

WILTON

1

$3,000,000

$3,000,000

Source: Darien Multiple Listing Service, New Canaan Multiple Listing Service and Greater Fairfield CMLS

LUXURY MARKET REPORT 2nd QUARTER 2016 SUPPLY/DEMAND SNAPSHOT SOUTHERN WESTCHESTER COUNTY | $2M AND HIGHER AS OF JUNE 30, 2016 PRICE RANGE

SUPPLY: ACTIVE LISTINGS

DEMAND: PENDING SALES

AS OF JUNE 30, 2015 SUPPLY/ DEMAND RATIO*



2016 vs. 2015 SUPPLY/ DEMAND RATIO*

% CHANGE IN LISTINGS

% CHANGE IN PENDINGS

$2,000,000 - $2,999,999

203

78

3

185

78

2

9.7%

0.0%

$3,000,000 - $4,999,999

146

28

5

126

26

5

15.9%

7.7%

$5,000,000 - $9,999,999

51

4

13

55

10

6

-7.3%

-60.0%

$10,000,000 and up

10

0

Not Valid

12

2

6

-16.7%

-100.0%

NORTHERN WESTCHESTER COUNTY | $2M AND HIGHER AS OF JUNE 30, 2016 PRICE RANGE









$2,000,000 - $2,999,999

88

12

7

99

8

12

-11.1%

50.0%

$3,000,000 - $4,999,999

61

2

31

46

3

15

32.6%

-33.3%

$5,000,000 - $9,999,999

33

4

8

34

0

Not Valid

-2.9%

0.0%

$10,000,000 and up

9

0

Not Valid

8

0

Not Valid

12.5%

0.0%

PUTNAM COUNTY | $1M AND HIGHER AS OF JUNE 30, 2016 PRICE RANGE









$1,000,000 - $1,999,999

39

3

13

41

3

14

-4.9%

0.0%

$2,000,000 and up

19

1

19

20

0

Not Valid

-5.0%

0.0%

DUTCHESS COUNTY | $1M AND HIGHER AS OF JUNE 30, 2016 PRICE RANGE









$1,000,000 - $1,999,999

76

5

15

73

2

37

4.1%

150.0%

$2,000,000 and up

45

2

23

54

2

27

-16.7%

0.0%

*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 and Mid-Hudson Multiple Listing Service.

LUXURY MARKET REPORT 2nd QUARTER 2016 SUPPLY/DEMAND SNAPSHOT GREENWICH, CT | $3M AND HIGHER AS OF JUNE 30, 2016 PRICE RANGE









$3,000,000 - $3,999,999

111

22

5

97

15

6

14.4%

46.7%

$4,000,000 - $4,999,999

67

6

11

45

7

6

48.9%

-14.3%

$5,000,000 - $9,999,999

138

12

12

110

13

8

25.5%

-7.7%

$10,000,000 and up

45

0

Not Valid

44

1

44

2.3%

-100.0%

DARIEN | $2M AND HIGHER AS OF JUNE 30, 2016 PRICE RANGE









$2,000,000 - $2,999,999

50

3

17

41

8

5

22.0%

-62.5%

$3,000,000 - $4,999,999

41

1

41

31

6

5

32.3%

-83.3%

$5,000,000 - $9,999,999

4

0

Not Valid

4

0

Not Valid

0.0%

0.0%

$10,000,000 and up

2

0

Not Valid

4

0

Not Valid

-50.0%

0.0%

ROWAYTON | $2M AND HIGHER AS OF JUNE 30, 2016 PRICE RANGE









$2,000,000 - $2,999,999

10

3

3

14

0

Not Valid

-28.6%

0.0%

$3,000,000 - $4,999,999

5

0

Not Valid

4

0

Not Valid

25.0%

0.0%

$5,000,000 - $9,999,999

1

0

Not Valid

0

0

0

0.0%

0.0%

$10,000,000 and up

0

0

0

0

0

0

0.0%

0.0%

NEW CANAAN | $2M AND HIGHER AS OF JUNE 30, 2016 PRICE RANGE



SUPPLY/ DEMAND RATIO*

$2,000,000 - $2,999,999

94

6

16

$3,000,000 - $4,999,999

53

6

9

$5,000,000 - $9,999,999

21

1

21

$10,000,000 and up

1

0

Not Valid

*Supply Demand Ratio Key 1-4: High Demand 5-6: Balanced 7-9: Low Demand 10+: Very Low Demand

Source: Greenwich MLS,Darien Multiple Listing Service and New Canaan Multiple Listing Service.

LUXURY MARKET REPORT 2nd QUARTER 2016 TEN-YEAR MARKET HISTORY WESTCHESTER COUNTY LUXURY HOME SALES | $2M AND HIGHER

PUTNAM COUNTY LUXURY HOME SALES | $1M AND HIGHER

Source : Hudson Gateway Multiple Listing Service.

*2016 homes sold are annualized based on actual sales year-to-date.

LUXURY MARKET REPORT 2nd QUARTER 2016 TEN-YEAR MARKET HISTORY DUTCHESS COUNTY LUXURY HOME SALES | $1M AND HIGHER

GREENWICH, CT LUXURY HOME SALES | $3M AND HIGHER

Source : Mid-Hudson and Greenwich Multiple Listing Service.


LUXURY MARKET REPORT 2nd QUARTER 2016 TEN-YEAR MARKET HISTORY DARIEN, CT LUXURY HOME SALES | $2M AND HIGHER

ROWAYTON, CT LUXURY HOME SALES | $2M AND HIGHER

Source : Darien Multiple Listing Service.


LUXURY MARKET REPORT 2nd QUARTER 2016 TEN-YEAR MARKET HISTORY NEW CANAAN, CT LUXURY HOME SALES | $2M AND HIGHER

Source : New Canaan Multiple Listing Service.


LUXURY MARKET REPORT �nd QUARTER ��

A SELECTION OF OUR RECENT LUXURY OFFERINGS GREATEST ESTATES

13-Acre Estate, Greenwich CT

Rosewood Estate, Chappaqua

1930 English Manor House, Armonk

WEB# MR1328310 | $19,250,000 Greenwich Brokerage 203.869.0700

WEB# MR1135798 | $13,750,000 Chappaqua Brokerage 914.238.4766

WEB# MR1328047 | $6,650,000 Armonk Brokerage 914.273.9505

WATERFRONT PROPERTIES

Direct Waterfront, Riverside CT

Waterfront Compound, Rye

Panoramic Views, Rye


WEB# MR1344932 | $10,900,000 Rye Brokerage 914.967.7680

WEB# MR1343117 | $6,500,000 Rye Brokerage 914.967.7680

MODERN ELEGANCE

Waterside New Build, Riverside CT

Stone Hill, Pound Ridge

Timeless Elegance, Dobbs Ferry

WEB# MR1324731 | $9,750,000 Riverside Brokerage 203.698.1234

WEB# MR1324925 | $2,995,000 Bedford/Pound Ridge Brokerage 914.234.9099

WEB# MR1175499 | $2,700,000 Irvington Brokerage 914.591.2700

LUXURY MARKET REPORT �nd QUARTER ��

A SELECTION OF OUR RECENT LUXURY OFFERINGS COUNTRY RETREATS

Handsome Georgian, Greenwich CT

Bogardus Hall, Amenia

Day-O Farm, Chatham


WEB# MR1134736 | $7,500,000 Millbrook Brokerage 845.677.6161

WEB# MR1346114 | $2,900,000 Millbrook Brokerage 845.677.6161

DOWNTOWN CLASSIC

Modern Beach Manor, Larchmont

In-Town Luxury Living, Greenwich CT

Hereford Manor, Bronxville P.O.

WEB# MR1291775 | $5,650,000 Larchmont Brokerage 914.833.0420


WEB# MR1292158 | $2,100,000 Bronxville Brokerage 914.337.0400

BUCOLIC GARDENS

Elegant Grandeur, Greenwich CT

Shad Gardens, Pound Ridge

Classic Colonial, Bedford Hills




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.

914.234.0308

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