Market Report 4TH QUARTER 2017 LUXURY NY & CT

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Lewis Simmons
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1 Market Report 4TH QUARTER LUXURY NY & CT

Presented By JOAN O'MEARA Associate Real Estate Broker Rye Brokerage Mobile: 914.329.

2 Presented By JOAN O'MEARA Associate Real Estate Broker Rye Brokerage Mobile: Office: Ext. 300 Fax: HOULIHANLAWRENCE.COM

3 EXECUTIVE SUMMARY FOURTH QUARTER The US economy ran on all cylinders in. The financial markets had another record-breaking year. Jobless claims are the lowest since 1973; consumer confidence rose to a 17-year high and the world economy had its best year since the financial crisis of Major tax legislation passed in late December benefits corporations and is forecasted to help fuel the bull market yet another year. For homeowners, tax reform reduces the amount of property tax that can be deducted, increasing the aftertax cost of homeownership. Buyers purchasing power is reduced as well, and the impact is greatest in the luxury market -- higher home values equate to a larger reduction in purchasing power. We anticipate that declining purchasing power will exert pricing pressure on luxury inventory to offset the new math of tax reform. We are monitoring the luxury market closely since legislation passed, and so far, buyer behavior appears unchanged. As of December 31,, pended sales are about level with last year, deals are staying together and showings, a leading indicator of future pended sales, are up in certain luxury price points. In fact, the surging equity markets the S&P 500 index has increased 300 since it bottomed in 2009 have helped to keep the affluent consumer on stable footing and created an unprecedented wealth effect. Growing portfolios, however, do not cultivate a frothy mindset. Post-recession luxury buyers are disciplined, informed and cautious. They want a fair price that can be justified and will overlook listings they perceive to be overpriced. In Westchester County, the number of luxury homes sold ($2M and higher) increased for the second consecutive year and is at a 10-year high. Putnam and Dutchess counties also posted a near 10 gain in luxury sales ($1M and higher). By all measures, demand is healthy, but the influx of new listings in the past several years has created an imbalance of more luxury homes than can be absorbed by the current pool of buyers. The scales are tipped in favor of buyers who know what they want at a price that reflects their definition of value. The data indicates there is liquidity in the market for correctly priced homes and the bottleneck of luxury listings will thin when sellers and buyers define value similarly. In Greenwich, this value scenario played out in, which rebounded with a 24 gain in home sales after a stagnant. Sellers were realistic about pricing and buyers came off the sidelines to purchased smartly-priced properties. This was especially evident in the ultra-luxury market, where value remains an important criteria. Eight homes closed over $10M a 60 increase over, and four sales closed over $20M. Pended sales over $5M are up threefold indicating that the momentum will continue in Q1. Darien and New Canaan posted impressive double digit gains though climbing inventory levels could temper the luxury market. Rowayton s luxury market is off by 28, compared to its peak in. As the number one luxury brokerage in Westchester, Putnam, Dutchess counties, and Greenwich, Darien and Rowayton markets, we have our finger on the pulse of the luxury market and will examine first quarter activity closely. In the meanwhile, our job remains the same to give both buyers and sellers the tools to make informed real estate decisions. Tax changes are nuanced and tax planning is different for everyone. There is no one size fits all and your tax adviser can provide comprehensive guidance. Sincerely, Anthony Cutugno Senior Vice President Director of Private Brokerage

4 LUXURY MARKET REPORT 4 th QUARTER Westchester County increased the number of homes sold for the second consecutive year Sales increased in Putnam and Dutchess counties by nearly 10 After a strong, Greenwich ended with a double-digit increases WESTCHESTER COUNTY LUXURY HOME $2M AND HIGHER HOMES SOLD TOTAL DOLLAR VOLUME $226,007,525 $200,282, $1,067,806,523 $1,005,495, MEDIAN SALE PRICE $2,700,000 $2,650, $2,600,000 $2,558, AVERAGE PRICE PER SQUARE FOOT $530 $ $539 $ AVERAGE DAYS ON MARKET SALE PRICE TO LIST PRICE PUTNAM AND DUTCHESS COUNTY LUXURY HOME $1M AND HIGHER HOMES SOLD TOTAL DOLLAR VOLUME $17,704,500 $21,992, $82,924,700 $80,248, MEDIAN SALE PRICE $1,475,000 $1,550, $1,500,000 $1,500, AVERAGE PRICE PER SQUARE FOOT $369 $ $477 $ AVERAGE DAYS ON MARKET SALE PRICE TO LIST PRICE GREENWICH, CT LUXURY HOME $3M AND HIGHER UNITS SOLD TOTAL DOLLAR VOLUME $248,351,500 $120,077, $863,735,749 $611,946, MEDIAN SALE PRICE $4,570,000 $3,800, $4,287,500 $4,000, AVERAGE PRICE PER SQUARE FOOT $842 $ $763 $ AVERAGE DAYS ON MARKET SALE PRICE TO LIST PRICE Source: Hudson Gateway Multiple Listing Service, Mid-Hudson Multiple Listing Service and Greenwich Multiple Listing Service.

5 LUXURY MARKET REPORT 4 th QUARTER Darien experienced a significant uptick in sales from, though median sale price declined Rowayton fell short of its stellar performance in New Canaan more than doubled the number of sales in, and ended the year with a 20 increase DARIEN LUXURY HOME $2M AND HIGHER UNITS SOLD TOTAL DOLLAR VOLUME $43,313,000 $51,688, $237,017,911 $208,188, MEDIAN SALE PRICE $2,295,000 $2,657, $2,458,000 $2,695, AVERAGE PRICE PER SQUARE FOOT $695 $ $554 $ AVERAGE DAYS ON MARKET SALE PRICE TO LIST PRICE ROWAYTON LUXURY HOME $2M AND HIGHER UNITS SOLD TOTAL DOLLAR VOLUME $5,250,000 $0 0.0 $28,930,000 $38,379, MEDIAN SALE PRICE $2,625,000 $0 0.0 $2,362,500 $2,547, AVERAGE PRICE PER SQUARE FOOT $683 $0 0.0 $763 $ AVERAGE DAYS ON MARKET SALE PRICE TO LIST PRICE NEW CANAAN LUXURY HOME $2M AND HIGHER UNITS SOLD TOTAL DOLLAR VOLUME $58,408,700 $20,911, $215,593,410 $175,713, MEDIAN SALE PRICE $3,100,000 $2,187, $2,600,000 $2,650, AVERAGE PRICE PER SQUARE FOOT $475 $ $459 $ AVERAGE DAYS ON MARKET SALE PRICE TO LIST PRICE Source: Darien Multiple Listing Service and New Canaan Multiple Listing Service.

6 Test LUXURY MARKET REPORT 4 th QUARTER Westchester s growth in sales was concentrated in the $3M to $4.99M price range The ultra-luxury market in Greenwich posted substantial gains Four sales in Greenwich reached the $20M+ price mark WESTCHESTER COUNTY LUXURY HOME $2,000,000 - $2,999, $3,000,000 - $4,999, $5,000,000 - $9,999, $10,000,000 and up 0 0 Not Valid PUTNAM AND DUTCHESS COUNTY LUXURY HOME $1,000,000 - $1,999, $2,000,000 and up GREENWICH, CT LUXURY HOME $3,000,000 - $3,999, $4,000,000 - $4,999, $5,000,000 - $9,999, $10,000,000 and up Source: Hudson Gateway Multiple Listing Service, Mid-Hudson Multiple Listing Service and Greenwich Multiple Listing Service

7 Test LUXURY MARKET REPORT 4 th QUARTER Gains in Darien were concentrated in the lower end of the luxury market Rowayton achieved a $5M+ sale in, though lost momentum in New Canaan experienced consistent increases at all luxury price points and the high end of the market posted the strongest gains DARIEN LUXURY HOME $2,000,000 - $2,999, $3,000,000 - $4,999, $5,000,000 - $9,999, Not Valid $10,000,000 and up 0 0 Not Valid ROWAYTON LUXURY HOME $2,000,000 - $2,999, Not Valid $3,000,000 - $4,999, Not Valid $5,000,000 - $9,999, Not Valid 1 0 Not Valid $10,000,000 and up 0 0 Not Valid 0 0 Not Valid NEW CANAAN LUXURY HOME $2,000,000 - $2,999, $3,000,000 - $4,999, $5,000,000 - $9,999, Not Valid $10,000,000 and up 0 0 Not Valid 0 0 Not Valid Source: Darien Multiple Listing Service and New Canaan Multiple Listing Service.

8 TOP NEW YORK LUXURY MARKETS LUXURY MARKET REPORT 4 th QUARTER The highest sale of the quarter was a Mamaroneck waterfront property and sold over asking price The highest sale of the quarter in Putnam County was a glass, steel and wood Contemporary WESTCHESTER COUNTY LUXURY HOME $2M AND HIGHER SCHOOL DISTRICT # OF MEDIAN LUXURY SALE PRICE HIGHEST SALE PRICE SCARSDALE 20 $2,750,000 $6,900,000 RYE CITY 11 $2,705,000 $7,400,000 BEDFORD 8 $2,953,750 $6,000,000 MAMARONECK 7 $2,350,000 $7,575,000 BRONXVILLE 6 $2,657,500 $4,350,000 HARRISON 5 $2,300,000 $4,400,000 BYRAM HILLS 4 $2,137,500 $2,637,500 IRVINGTON 3 $2,800,000 $2,949,000 KATONAH-LEWISBORO 2 $3,112,500 $3,225,000 YONKERS 2 $2,950,000 $3,250,000 ARDSLEY 1 $2,327,023 $2,327,023 TARRYTOWN 1 $2,550,000 $2,550,000 RYE NECK 1 $2,195,000 $2,195,000 CHAPPAQUA 1 $2,500,000 $2,500,000 PUTNAM COUNTY LUXURY HOME $1M AND HIGHER SCHOOL DISTRICT/CITY/TOWN # OF MEDIAN LUXURY SALE PRICE HIGHEST SALE PRICE GARRISON 2 $2,732,500 $4,200,000 HALDANE 1 $2,050,000 $2,050,000 CARMEL 1 $1,275,000 $1,275,000 DUTCHESS COUNTY LUXURY HOME $1M AND HIGHER SCHOOL DISTRICT/CITY/TOWN # OF MEDIAN LUXURY SALE PRICE HIGHEST SALE PRICE CLINTON 3 $1,300,000 $2,050,000 HYDE PARK 1 $1,070,000 $1,070,000 NORTH EAST 1 $1,650,000 $1,650,000 RHINEBECK 1 $1,757,000 $1,757,000 Source: Hudson-Gateway Multiple Listing Service and Mid-Hudson Multiple Listing Service.

9 TOP CONNECTICUT LUXURY MARKETS LUXURY MARKET REPORT 4 th QUARTER Top sales in Greenwich included a mix of waterfront and inland properties with significant acreage New Canaan and Westport accounted for the majority of luxury sales in Southern Fairfield County GREENWICH, CT LUXURY HOME $3M AND HIGHER TOWN/CITY # OF MEDIAN LUXURY SALE PRICE HIGHEST SALE PRICE GREENWICH 31 $4,500,000 $25,000,000 RIVERSIDE 5 $4,662,500 $6,460,000 OLD GREENWICH 4 $4,000,000 $4,640,000 SOUTHERN FAIRFIELD COUNTY, CT LUXURY HOME $2M AND HIGHER TOWN/CITY # OF MEDIAN LUXURY SALE PRICE HIGHEST SALE PRICE NEW CANAAN 19 $3,100,000 $5,200,000 WESTPORT 17 $2,500,000 $6,900,000 DARIEN 13 $2,295,000 $6,875,000 FAIRFIELD 6 $4,012,500 $5,900,000 NORWALK 5 $2,350,000 $2,900,000 ROWAYTON 2 $2,625,000 $2,900,000 RIDGEFIELD 2 $2,212,500 $2,425,000 STAMFORD 2 $3,105,000 $4,160,000 Source: Darien Multiple Listing Service, New Canaan Multiple Listing Service and Greater Fairfield CMLS

10 SNAPSHOT SOUTHERN WESTCHESTER COUNTY $2M AND HIGHER PRICE RANGE LUXURY MARKET REPORT 4 th QUARTER AS OF DECEMBER 31, AS OF DECEMBER 31, vs. IN IN S $2,000,000 - $2,999, $3,000,000 - $4,999, $5,000,000 - $9,999, $10,000,000 and up 6 0 Not Valid 8 0 Not Valid NORTHERN WESTCHESTER COUNTY $2M AND HIGHER PRICE RANGE AS OF DECEMBER 31, AS OF DECEMBER 31, vs. IN IN S $2,000,000 - $2,999, $3,000,000 - $4,999, $5,000,000 - $9,999, Not Valid $10,000,000 and up 6 0 Not Valid 6 0 Not Valid PUTNAM COUNTY $1M AND HIGHER PRICE RANGE AS OF DECEMBER 31, AS OF DECEMBER 31, vs. IN IN S $1,000,000 - $1,999, $2,000,000 and up 18 0 Not Valid 9 0 Not Valid DUTCHESS COUNTY $1M AND HIGHER PRICE RANGE AS OF DECEMBER 31, AS OF DECEMBER 31, vs. IN IN S $1,000,000 - $1,999, $2,000,000 and up *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.

11 SNAPSHOT GREENWICH, CT $3M AND HIGHER PRICE RANGE LUXURY MARKET REPORT 4 th QUARTER AS OF DECEMBER 31, AS OF DECEMBER 31, vs. IN IN S $3,000,000 - $3,999, $4,000,000 - $4,999, $5,000,000 - $9,999, $10,000,000 and up DARIEN $2M AND HIGHER PRICE RANGE AS OF DECEMBER 31, AS OF DECEMBER 31, vs. IN IN S $2,000,000 - $2,999, $3,000,000 - $4,999, Not Valid $5,000,000 - $9,999, Not Valid 6 0 Not Valid $10,000,000 and up 4 0 Not Valid 4 0 Not Valid ROWAYTON $2M AND HIGHER PRICE RANGE AS OF DECEMBER 31, AS OF DECEMBER 31, vs. IN IN S $2,000,000 - $2,999, Not Valid 6 0 Not Valid $3,000,000 - $4,999, Not Valid 1 0 Not Valid $5,000,000 - $9,999, Not Valid 1 0 Not Valid $10,000,000 and up Not Valid NEW CANAAN $2M AND HIGHER PRICE RANGE AS OF DECEMBER 31, AS OF DECEMBER 31, vs. IN IN S $2,000,000 - $2,999, $3,000,000 - $4,999, $5,000,000 - $9,999, Not Valid $10,000,000 and up 1 0 Not Valid 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.

12 LUXURY MARKET REPORT 4 th QUARTER TEN-YEAR MARKET HISTORY WESTCHESTER COUNTY LUXURY HOME $2M AND HIGHER PUTNAM COUNTY LUXURY HOME $1M AND HIGHER Source : Hudson Gateway Multiple Listing Service.

13 LUXURY MARKET REPORT 4 th QUARTER TEN-YEAR MARKET HISTORY DUTCHESS COUNTY LUXURY HOME $1M AND HIGHER GREENWICH, CT LUXURY HOME $3M AND HIGHER Source : Mid-Hudson and Greenwich Multiple Listing Service.

14 LUXURY MARKET REPORT 4 th QUARTER TEN-YEAR MARKET HISTORY DARIEN, CT LUXURY HOME $2M AND HIGHER ROWAYTON, CT LUXURY HOME $2M AND HIGHER Source : Darien Multiple Listing Service.

15 LUXURY MARKET REPORT 4 th QUARTER TEN-YEAR MARKET HISTORY NEW CANAAN, CT LUXURY HOME $2M AND HIGHER Source : New Canaan Multiple Listing Service.

16 Luxury Market Report A selection of our sold properties 200 Guards Road, Greenwich, CT 212 Mt Holly Road Katonah, NY 19 Doverton Drive, Greenwich, CT Offered at $17,500,000 Offered at $8,500,000 Offered at $8,498, Seeley Road Lagrangeville, NY 1444 Flagler Drive Mamaroneck, NY 3 Macpherson Drive, Greenwich, CT Offered at $7,750,000 Offered at $6,995,000 Offered at $6,950, Calhoun Drive, Greenwich, CT 27 Heron Lake Drive Bedford, NY 431 Grace Church Street, Rye NY Offered at $5,995,000 Offered at $5,195,000 Offered at $4,795,000 /H O U L I H A N L AW R O U L I H A N L AW R EN CE H O U L I H A N L AW R EN CE.CO M

17 Luxury Market Report A selection of our sold properties 465 Round Hill Road, Greenwich, CT 65 Drake Smith Lane Rye, NY 159 Taconic Road, Greenwich, CT Offered at $7,995,000 Offered at $7,995,000 Offered at $7,895, Indian Head Road, Riverside, CT 4 Sackett Landing Rye, NY 11 Eastway Bronxville, NY Offered at $6,750,000 Offered at $6,500,000 Offered at $6,350, S Highland Road Garrison, NY 17 Linden Drive Purchase, NY 72 Springhurst Road Bedford Hills, NY Offered at $4,750,000 Offered at $4,295,000 Offered at $4,250,000 /H O U L I H A N L AW R O U L I H A N L AW R EN CE H O U L I H A N L AW R EN CE.CO M

18 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 HOULIHANLAWRENCE.COM

Market Report 3RD QUARTER 2017 LUXURY NY & CT

Market Report 3RD QUARTER 2017 LUXURY NY & CT Market Report 3RD QUARTER LUXURY NY & CT Presented By ANTHONY CUTUGNO Senior Vice President Director of Private Brokerage Direct: 914.234.0308 acutugno@houlihanlawrence.com HOULIHANLAWRENCE.COM EXECUTIVE