2011 luxury sales for properties selling for $2 Million and higher remained relatively flat vs. year ago with a reported 227 home sales, down slightly from the 237 sales reported for 2010.
Nearly 70% of these sales were in the $2 Million - $3 Million price range, which traditionally represents the bulk of luxury sales in our region. While the luxury real estate market continues to be complex, we were encouraged to see a return of the ultra high-end luxury buyer to the marketplace this year. There were 17 homes selling for $5 Million or more, up from 12 sales reported in 2010 for this price range. Houlihan Lawrence was pleased to have participated in 13 of these high-end sales.
As the leading luxury brokerage in the area, representing approximately 47% of dollar volume for the $2 Million + category in Westchester, Houlihan Lawrence agents were involved in the top sales for many of our key luxury markets. Ranging from a $5 Million+ sale in Bronxville for a 1930s Colonial to the sale of the late Brooke Astor's estate in Briarcliff for $6.45 Million to a record-setting sale of a 276-acre equestrian farm in Millbrook, these sales heralded the return of buyer confidence. As a result, our Luxury Country Properties Division reported one of the strongest sales years in our history. In fact, 3 listings from our Luxury Country Properties inventory achieved the highest sales prices for single-family homes in their respective counties in 2011.
The highest sale in Millbrook and the entire 3-county region of Westchester, Putnam and Dutchess Counties.
Overlook, Millbrook - Dutchess County - Sold for $18,375,000 - Listed and Sold by Adam Hade and John Friend, Houlihan Lawrence Millbrook Brokerage
The highest single-family home sale in Westchester and a record sale for Rye waterfront.
Milton Point Waterfront, Rye - Westchester County - Sold for $11,600,000 - Listed by Diana Plunkett, Houlihan Lawrence Rye Brokerage
This historic home represented the highest reported sale for Putnam County.
Whippoorwill Farm, Garrison - Putnam County - Sold for $5,650,000 - Listed by James Egan, Houlihan Lawrence Cold Spring Brokerage
Hot Luxury Markets
We haven't seen any shifts in the most popular luxury markets over the years. Southern Westchester towns continue to be prized for their lifestyle amenities and proximity to Manhattan while Bedford and points north attract many buyers who are looking for a weekend retreat with larger acreage and greater privacy. Here's a look at the top luxury markets in 2011.
2011 Westchester County Sales
$2 million and higher
|Top School Districts||# of Sales||Highest Sale|
|Larchmont / Mamaroneck||25||$5.2M|
2011 Putnam / Dutchess County Sales
$1 million and higher
|Top Towns||# of Sales||Highest Sale|
|Garrison / Cold Spring||8||$5.3M|
|Washington / Millbrook||7||$18.3M|
Forecasts predict a flat market for luxury properties in the coming year with demand expected to essentially equal 2011 activity. However, inventory levels of luxury properties remain quite high region wide so proper pricing will continue to be critical. The reported lowering of Wall Street bonuses, the continuing uncertainty in the major economies globally and our upcoming presidential election may all have some impact on our local real estate market. Despite these unsettling factors, we were pleased to see a small upswing in the number of showings and new deals for our luxury properties in late December. This level of activity is a good sign for the start of a new year and we expect that the uniqueness and beauty of the many special luxury properties we represent will continue to attract buyers throughout 2012.
For more information on the market or to view any of our luxury homes for sale, please visit us at www.houlihanlawrence.com