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Please feel free to contact Joan O’Meara (jomeara@houlihanlawrence.com) if you have any questions about the real estate market in our area.

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Fourth Quarter 2018 Executive Summary – Luxury Market Report (Excerpt)
by Anthony Cutugno (Senior Vice President/Director of Private Brokerage):

While luxury markets north of NYC registered losses in 2018, the uber-luxury segment of the market demonstrated notable growth. Sales over $10M peaked in Westchester County in 2018. Houlihan Lawrence represented David Rockefeller’s country estate, Hudson Pines. Listed for $22M, Hudson Pines sold for a record-setting $33M and was the highest recorded sale in Westchester County. In total, five sales closed over $10M in 2018 (a monumental gain from a single sale in 2017) and exceeded the previous high set in 2005. These exceptional but finite sales did not make up for the overall decline in luxury sales. In Westchester, luxury sales ($2M and higher) declined by double digits in 2018. Fourth quarter declines were especially deep in many markets, dragging down year-end losses and placing even more pressure on pricing. Many indicators point to a softening market in 2019. Pended sales (expected to close within 60 to 90 days) are down across the board and could impact first quarter sales.

The once red-hot market in NYC cooled down in 2018, resulting in a smaller pool of buyers heading north. Houlihan Lawrence’s proprietary data indicates that 25% to 30% of luxury buyers originate from NYC and a significant chunk of losses experienced in 2018 are attributable to this shift. The financial markets entered negative territory after a rousing 10-year run. Savvy investors were likely prepared for the inevitable dip but the volatility that accompanied these declines left even the sturdiest investor uneasy. Interest rates are expected to rise again in 2019 and while that does not materially affect the purchasing power of the luxury buyer, it sends a signal about the overall strength of the economy and impacts consumer confidence. There are economic bright spots and opportunities for the savvy buyer to embrace as we enter 2019 – unemployment is at a record low and the equity markets created extraordinary wealth since 2008, despite 2018 losses. Tax changes can result in a net positive gain for some and the next three months will provide clarity to those who ultimately benefit. Sellers may have to accept their home could achieve a selling price far less than they imagine, and their motivation to sell and price competitively will drive the market in 2019.

To view full report CLICK HERE.

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DROP & DASH ZERO WASTE DAY

Date: Saturday, November 3rd (Rain or Shine)
Time: 9:00am-3:00pm
Location: Rye Playland Parking Lot

Opportunity for residents to protect the environment, support nonprofit organizations and recycle a large variety of household items.

Mobile Shredder
Up to four file-sized boxes of papers per household.

EWaste & Electronics
Computers, printers, TVs, VCRs, cameras, speakers and more.

Items That Don’t Qualify for Curbside Drop Off
Fire extinguishers, batteries, propane tanks, car tires, pharmaceuticals and more.

Donate to Local NonProfit Organizations
Items from beds to bicycles  – all gently used household items.

This is just an overview of items that can be dropped off. Please check out specifics and restrictions at www.zero-waste-day.org before Saturday. Thank you.

 

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EXECUTIVE SUMMARY (Excerpt) by Stephen Meyers (CEO) and Chris Meyers (President)

Softening. At the end of Q2, we discussed the likelihood of prices leveling off and, in some markets, edging back. At the end of Q3, we are starting to see prices doing just that. When you look at the overall picture, inventory is on the rise in nearly every market, pending sales are declining, and sales are either flat or declining. What we are seeing is a market that is softening.

In Westchester, home sales were down 4.1%. Although overall inventory was up in Westchester, it’s important to note that inventory continues to be low at the most affordable prices, homes priced below $500,000. A troubling sign was the decrease in showing activity by 11% through the end of the quarter. Some of that decline could be attributed to lower inventory at affordable price points, however, overall showings were down for homes priced up to $1,500,000. As showings are a leading indicator of pending sales, it’s no surprise that pending sales are down across the board.

Here are some trends we are seeing as we move towards the end of 2018. The early fall market conditions are pointing to a chilly winter ahead. Despite inventory rising at an even faster pace than Q3, showings continue to be down more than 11.5%. More supply and less demand places potential home buyers in the driver’s seat. It remains to be seen however if they are going to take the wheel. With listing prices remaining nearly flat at all-time highs, interest rates on the rise and wage growth nearly stagnant, buyers may not be interested in making a move anytime soon.
For sellers, we mentioned it last quarter and we are reiterating it again. If you want to sell, you will need to price competitively. The luxury of low inventory is gone. In this market, setting a high price and then gradually reducing will result in chasing the market down. In Westchester, homes priced correctly out of the gate sell, on average, in 49 days and at 99.8% of the asking price. Homes priced too high, that experience one or more price reductions spend an average of 344 days on the market and sell for 82.4% of the original list price.

To read the complete executive summary and to see the comprehensive report CLICK HERE.

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Third Quarter 2018 Executive Summary – Luxury Market Report (Excerpt)
by Anthony Cutugno (Senior Vice President/Director of Private Brokerage):

Luxury homes sales north of NYC through the third quarter showed mixed results. In Westchester, luxury sales (sales over $2M) were down slightly. Recent reports indicate the housing sales nationwide are slowing because wage growth is not keeping pace with the increase in real estate prices. Our luxury markets do indeed appear to be slowing down, but lack of wage growth is not a factor for luxury buyers. In fact, the ten-year bull market created $18 trillion in wealth since the Standard & Poor’s 500 bottomed on March 9, 2009. Despite these record-setting gains in the stock market and net worth, the luxury buyer north of NYC is defined by a cautious and restrained approach to real estate. They are reminded that real estate can decline in value, and the fear of overpaying is a primary concern. Luxury rentals have increased since last year and offer an easy wait-and-see solution. The pursuit of value drives the purchase decisions of today’s buyer. They want a fair price that can be justified by comparable sales, and confidence in the property’s marketability should the need to sell arise. A surplus of luxury inventory justifies their caution: At the close of the third quarter, there were 467 luxury homes ($2M and higher) for sale in Westchester County and 57 homes in contract. Motivated sellers are paying attention to the importance of pricing and its out sized ability to attract the attention of buyers with a value-driven offering. Sellers who priced their homes ambitiously are reducing or withdrawing them from the market.

To view the complete summary and the full report CLICK HERE.

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We would love to see you tomorrow at this special Open House Event. Food and drinks, local vendors, two fabulous homes and amazing raffles prizes. Bring a friend and stop by anytime between 10am-2pm.

Special Open House Invite Oct 12 IG Version Final

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HL’s marketing objectives are focused on driving inquiries for your property. HL refines its marketing tactics every month by using proprietary sales data to power advertising. By participating in nearly half the homes sales in Rye, HL has substantial amounts of real time data to inform their advertising strategy.

31% of recent home sales were buyers relocating from Manhattan and Brooklyn. HL uses the proprietary information from those transactions to target specific zip-codes through online and print advertising.

For questions or more information how this can benefit you, when selling your home, please feel free to email Joan at jomeara@houlihanlawrence.com.

 

Where Buyers Come Fromjpg

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