houlihan lawrence luxury market report q2 2012

Houlihan Lawrence2nd Quarter 2012 Luxury Market Report

Westchester, Putnam and Dutchess Counties

HoulihanLawrence.com

Presented by

Anthony CutugnoSenior Vice President

Director of Luxury Country Properties

Direct: [email protected]

2nd Q–2012 Luxury Market Reporthoulihanlawrence.com

Anthony CutugnoSenior Vice-PresidentHoulihan Lawrence Luxury Division

We are pleased to present our latest update on the state of the luxury market reporting activity throughQ-2 2012 for properties priced at $2 Million or more in Westchester County and $1 Million+ in Putnamand Dutchess Counties.

Building on the success reported in our Q-1 2012 report, the overall luxury market has continued toimprove with substantial increases in both the number of sales as well as dollar volume. HoulihanLawrence remains the undisputed luxury market leader with a 54% share of total dollar volume in ourthree-county territory. The statistics indicate that we are moving past the uncertainty that plagued ourluxury marketplace in recent years and that high-end buyers are returning to the market with greater confidence. However, the level of activity varies widely depending on the locale.

Southern Westchester markets have shown remarkable vitality and presently account for over 75% of allluxury transactions in the entire region year-to-date. In contrast, despite a few notable sales, demand for luxury homes in northern Westchester, Putnam and Dutchess Counties has been tepid at best.Nonetheless, we are encouraged by the recent activity in these markets and are seeing the re-emergenceof the second-home buyer as affluent buyers seek to take advantage of the large number of well-pricedproperties for sale.

We are also reporting sizeable gains for those properties listed in Houlihan Lawrence’s Luxury Division.Year-to-date, 30 of our 100+ Luxury Country Property listings have either sold or are pending, exceedingthe total number of homes sold in all of 2011. Many of these sales represent the highest sale in theirrespective marketplaces as well.

In the coming months, I will be attending conferences with our worldwide partners, Christie’s InternationalReal Estate and Luxury Portfolio International, to identify new opportunities for our listings in the globalluxury marketplace. Barring any seismic shift in the financial markets, we are cautiously optimistic that the luxury marketplace will continue to stabilize and that the energy of the southern Westchester markets will gradually expand to their neighboring towns to the north. In the meantime, if you have anyquestions about the luxury market, or would like any information on our wide range of distinguishedproperties for sale, please contact us at 914.234.0308 or email us at [email protected].

Source: Empire Access Multiple Listing Service & Mid-Hudson Multiple Listing Service


Westchester County Luxury Home Sales - $2 Million & Higher

2nd Q 2nd Q % Full Year Full Year % 2012 2011 Change 2012 2011 Change

Total Homes Sold 80 64 25% 122 96 27%

Total Dollar Volume $502,244,360 $382,556,340 31% $747,240,960 $575,998,340 20%

Median Sales Price $2,750,000 $2,640,000 4% $2,675,000 $2,694,000 -1%

% Sale Price to List Price 95.15 93.67 2% 93.22 92.97 ––

Days on Market 208 250 -17% 215 253 -15%

Putnam County Luxury Home Sales - $1 Million & Higher

2nd Q 2nd Q % Full Year Full Year % 2012 2011 Change 2012 2011 Change

Total Homes Sold 3 4 -25% 5 7 -29%

Total Dollar Volume $10,115,000 $20,170,000 -50% $15,315,000 $30,800,000 -50%

Median Sales Price $1,420,000 $1,917,500 -26% $1,350,000 $1,495,000 -10%

% Sale Price to List Price 91.83 89.51 3% 88.08 90.17 -2%

Days On Market 249 235 6% 251 229 10%

Dutchess County Luxury Home Sales - $1 Million & Higher2nd Q 2nd Q % Full Year Full Year % 2012 2011 Change 2012 2011 Change

Total Homes Sold 6 3 100% 9 7 29%

Total Dollar Volume $23,530,000 $16,800,000 40% $31,880,000 $95,483,200 -67%

Median Sales Price $1,825,000 $2,350,000 -22% $1,700,000.00 $3,800,000.00 -55%

% Sale Price to List Price 93.26 84.68 10% 82.74 83.03 ––

Days On Market 348 596 -42% 329 363 -9%

• Westchester County is continuing to enjoy an active luxury market with significant improvementsreported for both Total Homes Sold and Total Dollar Volume.

• The Q-2 2012 Median Sales Price in Westchester rose slightly vs. Q-2 2011, while in Putnam andDutchess counties, dramatic declines were registered.

• Total Home Sales increased in Dutchess County possibly fueled by stronger second-home buyerdemand.

Westchester County Luxury Home Sales$2 Million & Higher


Houlihan Lawrence remains the leader in luxury home sales throughout the region.

Houlihan Lawrence 54%

18%

7%

Putnam & Dutchess Counties Luxury Home Sales$1 Million & Higher

Houlihan Lawrence 67%

8%

5%


Westchester County Luxury Home Sales

2nd Q 2nd Q % Year-to-Date Year-to-Date % Price Range 2012 2011 Change 2012 2011 Change

$2,000,000 – $2,999,999 51 42 21% 81 60 35%

$3,000,000 – $4,999,999 23 17 35% 33 30 10%

$5,000,000 – $9,999,999 6 5 20% 8 6 33%

$10,000,000 and up 0 0 NA 0 0 0

Total 80 64 25% 122 96 27%

Putnam & Dutchess County Luxury Home Sales

2nd Q 2nd Q % Year-to-Date Year-to-Date % Price Range 2012 2011 Change 2012 2011 Change

$1,000,000 – $1,999,999 7 2 250% 12 5 140%

$2,000,000 and up 2 5 -60% 2 9 -78%

Total 9 7 29% 14 14 --

• Nearly two-thirds of all luxury homes purchased in Westchester sold for under $3 Million so far thisyear. For luxury buyers in Putnam and Dutchess, the most popular price range was under $2 Million.

• The $3-5 Million segment grew in importance as well registering a 35% increase in Westchester County vs. Q-2 2011.

• On a regional basis, there have been few top-tier sales. As of Q-2, the highest reported sale was aWestchester equestrian estate that sold for $9.3 Million.

Source: Empire Access Multiple Listing Service, Single-family homes



2011 Luxury Market Reporthoulihanlawrence.com


Top Luxury Markets

Westchester County Luxury Home Sales$2 Million & Higher

School District # of Sales Median Luxury Sale Price Highest Sale Price

Rye City 28 $2,715,250 $7,000,000

Scarsdale 27 $2,480,000 $5,300,000

Bronxville 15 $2,800,000 $5,450,000

Bedford 11 $2,900,000 $4,800,000

Mamaroneck 8 $3,105,000 $6,235,000

Harrison 7 $2,850,000 $4,000,000

Byram Hills 7 $3,250,000 $9,300,000

• Rye and Scarsdale continue to reign as the top luxury markets in the region

• Bronxville enjoyed an especially active Q-2 and regained its traditional third-place ranking in terms ofoverall luxury sales.

• Bedford reported the highest number of luxury sales in northern Westchester County. To the North, theMillbrook/Washington area was the most popular Dutchess County area.

Putnam County Luxury Home Sales$1 Million & Higher

Town # of Sales Median Luxury Sale Price Highest Sale Price

Kent 2 $1,278,750 $1,420,000

Patterson 1 $2,500,000 $2,500,000

Carmel 1 $1,250,000 $1,250,000

Phillipstown 1 $1,350,000 $1,350,000

Dutchess County Luxury Home Sales$1 Million & Higher

Town # of Sales Median Luxury Sale Price Highest Sale Price

Washington 2 $2,750,000 $3,750,000

Clinton 2 $1,462,500 $1,700,000

Rhinebeck 1 $1,950,000 $1,950,000

Amenia 1 $1,950,000 $1,950,000



Source: Empire Access Multiple Listing Service & Mid-Hudson Multiple Listing Service Southern Westchester (Zones 3-8), Northern Westchester (Zone 1-2)

• Reduced inventories in many price segments have stimulated healthy demand for luxury homes in southernWestchester.

• In contrast, the higher inventories and smaller pool of luxury buyers continue to present challenges innorthern Westchester, Putnam and Dutchess Counties.

Supply/Demand Snapshot

Southern Westchester County - $2 Million & Higher

SUPPLY DEMAND Supply/ SUPPLY DEMAND Supply/ % %Active Listings in Demand Active Listings in Demand Change in Change in

Price Range Listings Contract Ratio* Listings Contract Ratio* Listings Contracts$2,000,000 - $2,499,999 61 31 2 86 32 3 -29% -3%$2,500,000 - $2,999,999 67 17 4 61 21 3 10% -19%$3,000,000 - $4,999,999 59 13 5 71 11 6 -17% 18%$5,000,000 and up 34 4 9 27 5 5 26% -20%

*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

Putnam County - $1 Million & Higher

Dutchess County - $1 Million & Higher

As of June 30, 2012 As of June 30, 2011 2012 vs. 2011


Price Range Listings Contract Ratio* Listings Contract Ratio* Listings Contracts$2,000,000 - $2,499,999 43 6 7 48 9 5 -10% -33%$2,500,000 - $2,999,999 40 5 8 29 1 29 38% 400%$3,000,000 - $4,999,999 49 4 12 50 2 25 -2% 100%$5,000,000 and up 34 1 34 43 1 43 -21% 0%




Price Range Listings Contract Ratio* Listings Contract Ratio* Listings Contracts$1,000,000 - $1,999,999 46 3 15 41 2 21 12% 50%$2,000,000 and up 12 1 12 16 0 NA -25% NA




Price Range Listings Contract Ratio* Listings Contract Ratio* Listings Contracts$1,000,000 - $1,999,999 73 5 15 69 3 23 6% 67%$2,000,000 and up 66 0 NA 55 0 NA 20% NA




Ten-Year Market History

Westchester CountyHomes Sold $2 Million & Higher

Putnam CountyHomes Sold $1 Million & Higher

0

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

Number ofUnits Sold

0

100

200

300

400

500

375

237

164

229

297326341

208

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Median Luxury Sale Price

$2,550,000 $2,600,000 $2,625,000 $2,600,000 $2,660,000 $2,725,000$2,497,000 $2,600,000 $2,575,000 $2,675,000

Units Sold Full Year

221

12296100

52

122

308

189151153

12382

Units Sold Year-to-Date

$0

$400000

$800000

$1,200,000

$1,600,000

$2,000,000


Number ofUnits Sold

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

0

10

20

30

40

50

12

56

14

2320

26

1614 16

$1,350,000 $1,444,450 $1,432,500 $1,385,000

$1,287,500 $1,150,000 $1,200,000

$1,385,750 $1,347,500 $1,412,500


57

11

7

141278

5


Dutchess CountyHomes Sold $1 Million & Higher

$0

$400,000

$800,000

$1,200,000

$1,600,000

$2,000,000


Number ofUnits Sold

0

10

20

30

40

50

60

211816

24 25

15

29

3837 38

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

$1,700,000

$1,325,000

$1,565,000 $1,500,000$1,705,000

$1,387,500 $1,327,500

$1,625,000$1,512,500 $1,500,000



9794

14151819

105



A Selection of Houlihan Lawrence’s Recent Luxury Sales

THE PINNACLE AT CONYERS FARMARMONK

Last Offered at $12,995,000

OLD WORLD SPLENDORBRONXVILLE

Last offered at $5,875,000

LARCHMONT MANOR MASTERWORKLARCHMONT

Last Offered at $6,195,000

STATELY ELEGANCESCARSDALE


RIVERDALEMILLBROOK


CLASSIC BEDFORD ELEGANCEBEDFORD


914.234.0308houlihanlawrence.com

HOULIHAN LAWRENCELUXURY COUNTRY PROPERTIES

Over 20 years ago, the Luxury Country Properties Division of Houlihan Lawrence wascreated to serve the special needs of the luxury marketplace. Headquartered inBedford, the Luxury Country Properties team, under the leadership of veteran luxuryreal estate expert, Anthony P. Cutugno, develops customized programs designed todifferentiate estate properties from other listings on the market.

Founded upon a tradition of exceptional client service and marketing expertise, ourprograms for these properties are designed to attract discerning customers throughoutthe region and around the globe. Encompassing a blend of new media as well as traditional time-honored marketing approaches, each program is customized to promotea property’s unique qualities.

This expertise when combined with the powerful Houlihan Lawrence brand recognitionhas 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 ourmonthly newsletter, please contact us at [email protected]

houlihan lawrence luxury market report q2 2012

Documents

luxury homes

overall luxury market

luxury portfolio international

number of sales

southern westchester

notable sales

northern westchester

financial markets