Archive for the ‘Savvy Buyers’ Category

Two thoughtfully designed luxury homes by renowned local builders Susie Cappelli (SAC Development) and Tom DeMasi (Alpine Construction).

$3,895,000 | 5 Bedrooms | 4.2 Baths | 4,864 Sq Ft | .22 Acres

Inviting wrap-around front porch opens to paneled foyer with powder room, formal living room with fireplace, dining room with butler pantry opening to Chef’s kitchen featuring top-of-the-line appliances, island, large breakfast room with door to covered patio and an adjacent mudroom with second powder room, door to porch and yard and entrance to two-car garage. Spacious family room with coffered ceiling creates a great indoor/outdoor entertaining space and flow with doors to patio and yard. Second floor offers master bedroom suite with two walk-in closets and large luxurious bathroom, bedroom with ensuite bath, two bedrooms with shared bath and a convenient laundry room. Finished basement features recreation room, office, bedroom, full bath and the potential for a wine room or gym. Custom millwork, exquisite finishes, enviable amenities and more. This spectacular Colonial is nestled on .22 acres in sought-after Milton Point neighborhood and is in walking distance to beach, school, marina, Rye Town Beach & Park and private beach clubs.

$1,895,000 | 5 Bedrooms | 3.1 Baths | 2,583 Sq Ft | .14 Acres

Paneled foyer with coat closet and powder room, formal living room and dining room and large family room anchored by gas fireplace. Gourmet kitchen featuring island and enviable breakfast room with doors to stone patio. Second floor living space offers master suite featuring large bedroom with WIC and luxurious bath with soaking tub and dual vanity, three bedrooms, full hall bath with dual vanity and convenient laundry. Finished lower level complete with recreation room, bedroom, full bath, mudroom with bench and access to attached one-car garage. Home is sited on .14 acres in walking distance to Rye Golf Club and Osborn Elementary School. Available August 2019.


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

After the lackluster sales of the first quarter, the second quarter helped to bridge the gap for many Westchester towns. While changes in the tax laws kept buyers at bay in the first quarter, once April rolled around, the buyers rallied. The overall number of single family home sales rose over first quarter, with some exceptions, and are now down 3.9% year over year. The average sale price is $885,309, down 3.7% as compared to this time last year, a nice improvement over last quarter (down 8.2%). The combination of inventory on the rise (up 4.5% over last year) and the number of pending sales relatively unchanged sends a message to sellers.

While the more reasonable price brackets continue to enjoy high demand, the higher price ranges are experiencing the most difficulty. This is amplified by market similarities in New York City where many of our buyers originate. Buyers have more choices across these higher price points and there is no sense of urgency. Value is paramount to luxury buyers, and unless sellers respond with price adjustments, the inventory will continue to grow and languish.

Co-operative and Condominium sales in Westchester County are flourishing and the number of sales is up for both. Average sale price in the second quarter is up 15.6% for condominiums and 6.1% for co-ops. These appeal to both first time buyers and empty nesters looking to lift their tax burden and lower their overall maintenance and costs.

Likewise, Putnam County experienced an increase in activity and number of sales in the second quarter. Homes sold are now up 3% over second quarter last year. This is a refreshing change compared to the first quarter when sales were sluggish. The median sale price was also on the rise to $363,000, up 4% over last year. Supply and demand remains high under $800,000, but there is low demand above that price point. The data for Q2 in Dutchess County varies wildly depending on the area, given the large size of the County. Inventory is steady with pending sales down 1.5%. While that appears to be fairly balanced, sales in Northeast Dutchess are down 32% while in Northwest Dutchess, they’re up 11%. The landscape, as compared to the first quarter of the year, has certainly improved in most areas but not all. We are experiencing a transitioning market. Prices are adjusting downward at the high end to align themselves with buyer aspirations and expectations. That said, with the uncertainty of the new tax reform behind us, and the strong economy and low interest rates in place, we anticipate that buyers will continue to invest in homeownership.

To see the full summary and report CLICK HERE.

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110 Hix Avenue | Rye | $2,595,000 | 4 Bdrms | 4.0 Bths | 3,175 Sq Ft
15 Johnson Place | Rye | $2,195,000 | 5 Bdrms | 3.1 Bths | 4,532 Sq Ft
25 Lawrence Lane | Harrison | $3,295,000 | 6 Bdrms | 6.1 Bths | 8,000 Sq Ft
1 Loder Street | Rye | $2,195,000 | 5 Bdrms | 3.1 Bths | 3,896 Sq Ft

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Executive Summary by Anthony Cutugno – Senior Vice President of Private Brokerage

The number of luxury homes sold north of NYC continues to decline, as the consequences of tax reform, a soft NYC market and a generational shift in buyer preferences and attitudes impact our luxury markets.

In Westchester County, Q2-2019 marks the third consecutive quarter of luxury home sales ($2M and higher) declines. From October 1, 2018 through June 30, 2019, the number of homes sold dropped by 28% compared to the previous time period. In Greenwich, luxury sales ($3M and higher) weakened for four consecutive quarters, registering an 18% year over-year decline. Putnam and Dutchess counties sales ($1M and higher) are down 39% year-to-date. Sales in Darien and New Canaan ($2M and higher) are down year-to-date 16% and 12% respectively. The bright spot is pended sales, a forward looking indicator, which are level with the same period last year in most areas. In fact, this time last year the market was stronger, making this a meaningful comparison, and a hopeful sign that the third quarter could reverse the trend of declines. In Dutchess County, luxury pended sales rose dramatically, and may prove to be the first luxury market to rebound. Luxury sales in the ultra-high end of the market (sales $5M and higher) suffered the steepest losses in the first half, down by about half or more in Westchester, Greenwich, Darien and New Canaan. Supply is inching up in some markets and the number of years it will take to absorb these listings is increasing. Westchester County has seven years of $5M+ inventory; Greenwich has over 3 years in the ultra-high end. A balanced market typically has 6 to 12 months of inventory. The bigger conundrum facing our luxury markets is quantifying the changing tastes and attitudes of the new generation of luxury buyers. Their lifestyles are experiential, and they prefer homes located in walkable locations with easy commutability to NYC, child-friendly open floor plans and low maintenance property. Bigger is not always better and renovating or restoring a period home is the desire of scant few. Their expectation about the future value of real estate influences demand for luxury homes. On the whole, they are not bullish about real estate, resulting in a cautious mindset that defaults to under buying rather than reaching for a more significant home within their budget. Though this shift is in its early stages, its impact is tangible. Economic forecasters have more questions than answers, contributing to a general sense of uncertainty. For example, tax reform made home ownership more costly and is a major contributor to the decline in luxury sales. But weakening demand is driving down values in the luxury market, giving opportunistic buyers more bang for their buck. Consumer spending is up the first half, fueled in part by a rising stock market, but many question how much longer the bull market can continue. Economic expansion is a decade strong, but the waning impact of tax reform on corporations and trade war tensions are holding back business spending, pointing to softer growth ahead. A looming presidential election adds another layer to the uncertainty that exists. Despite these perplexing questions, we know the following to be true. Luxury home sales have declined not only north of NYC, but in many luxury markets, including NYC, the Hamptons and Miami. There is a wide selection of beautiful homes for sale and buyers have the wind at their back in a low interest rate environment. We bang the drum with the same message in this seller-challenged market – listings that represent value and appeal to buyers’ aesthetic will capture their attention and have the greatest chance of selling.

Sincerely, Anthony Cutugno

To view full report CLICK HERE.


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66 Elmwood Avenue
Rye, New York

$1,239,000 | 4 Bedrooms | 2.0 Baths | 1,958 Square Feet

This impeccable designer owned and maintained home will be sure to exceed all your expectations! Located in the heart of Rye in a sought-after neighborhood just blocks from Rye Town Park & Beach. Move right into this renovated, updated and beautifully maintained Arts & Crafts Colonial. Stunning new dine-in kitchen with breakfast area offers top-of-the-line appliances including Subzero refrigerator and Miele dishwasher, slate flooring, wine cooler and flamed granite counters. Enviable master suite with bedroom, new ensuite bath and large walk-in closet. Impressive interior custom detailing including radiator covers, beautiful fireplace millwork and window treatments. Built-in speaker system in master suite, first floor and on the rear patio. The backyard courtyard is as well designed as the interior with charming stone walls, trellis, fence, outdoor TV hookup, new shed. paver walkways and professionally landscaped gardens.

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Rye, New York

$2,295,000 | 5 Bedrooms | 3.1 Baths | 3,270 Square Feet

Impeccable Colonial ideally located in a wonderful neighborhood within walking distance to Rye Town Park, beaches and schools. Move right into this beautifully decorated and updated home featuring five bedrooms, convenient second floor laundry, hardwood flooring, two fireplaces and custom built-ins in both living and family room. Inviting flagstone front porch opens to large entry foyer leading to enviable custom kitchen with island/granite/top-of-the-line appliances/wine refrigeration/desk area and opening to stunning family room with sliding glass doors to deck, patio and yard. Bedrooms include a first floor bedroom w/ensuite bath, master bedroom suite w/bath/2 WICs and 3 additional bedrooms on 2nd floor. Garage can hold up to four cars. Full walk up attic with tons of storage.

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Rye, New York

$1,795,000 | 5 Bedrooms | 3.2 Baths | 3,448 Square Feet

Queen Anne Victorian in picturesque neighborhood ideally located close to schools, beach and town. Situated on private .72 park-like acres at top of a quiet dead-end street and featuring an enviable covered front porch with dining alcoves perfect for summer evenings. This magnificent six-bedroom home exudes warmth and character on all three levels of living space and in the elegant sun-drenched rooms. Impressive features include, leaded-glass windows, high ceilings, built-ins, original hardwood floors, four fireplaces, cupola and distinctive architectural details throughout. Dutch front door opens to large entry hall and exceptionally inviting rooms with large windows including the formal dining room with music alcove and updated dine-in kitchen w/door to back porch and yard.

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