Houlihan Lawrence Q1-2013 Luxury Market Report

HoulihanLawrence.com

Presented by

Anthony CutugnoSenior Vice President

Director of Luxury Country Properties

Direct: [email protected]

Luxury Market Report1st Quarter 2013

1st Quarter 2013 Executive Summary April, 2013

Welcome to our latest luxury market report highlighting 1st Quarter 2013 sales activity for properties priced at $2 Million or more in Westchester County and $1 Million+ in Putnam and Dutchess Counties.

At the end of 1st Quarter 2013, Houlihan Lawrence continued to dominate the luxury marketplace with a 50% market share throughout our 3-county territory. Regionally, 1st Quarter 2013 has been relatively quiet registering 36 luxury sales as compared to 47 in 1st Quarter 2012. This decline comes as the Manhattan luxury market intensifies, fueled by near record low inventory and an influx of both international and local buyers. Our local luxury market typically lags behind Manhattan and we remain optimistic that we will benefit from Manhattan’s robust market. In fact, as we closed the quarter, we were already seeing an increase in the number of new luxury deals.

The trend within Westchester County’s luxury market is a tale of two counties. Southern Westchester markets have been remarkably busy with several $5 Million+ sales this quarter alone. Northern Westchester and points north continue to be impacted by higher inventories and less demand. This dichotomy effects not only the luxury market but the broader Southern and Northern Westchester markets as well. Nonetheless, we are pleased to report that Houlihan Lawrence has participated in 4 of the top 5 sales year-to-date including the region’s highest sale of $9.5 Million for a 400-acre Millbrook equestrian estate.

In the coming months, we will be focusing our marketing efforts on new initiatives to further attract the highly active international buyer. Recently we showcased our top properties at Christie’s Asian Art Week auction in Rockefeller Center, which attracted highly qualified art patrons from around the world. There is a natural synergy between fine art and fine real estate and we enjoyed sharing the beauty of our exceptional properties with this elite group of collectors. For more information on our exclusive luxury marketing programs or for help with any of your real estate needs, please contact me at 914.234.0308 or email us at [email protected].

Anthony Cutugno Senior Vice President Houlihan Lawrence Luxury Division

With over 80% of $2 Million+ Home Sales, Westchester County continues to be the number onechoice for luxury buyers in our region

Total Westchester Homes Sales declined for the quarter, as tax concerns encouraged buyers to close byDecember 31, 2012, elevating 4th Quarter sales and pulling transactions from 1st Quarter

A few high-end sales fueled the significant improvements in Median Sale Price that were registered inboth Putnam and Dutchess counties

Westchester County Luxury Home Sales - $2 Million & Higher

  Q1-2013 Q1-2012 % Change Full Year 2012 Full Year 2011 % Change

Homes Sold 31 42 -26.2% 249 214 16.4%

Total Dollar Volume $98,424,677 $122,498,300 -19.7% $782,894,348 $650,141,300 20.4%

Median Sale Price $2,550,000 $2,600,000 -1.9% $2,685,000 $2,597,000 3.4%

Average Price Per Square Foot $570 $545 4.6% $560 $542 3.3%

Average Days on Market 270 227 18.9% 219 213 2.8%

% Sale Price to List Price 93.3 91.4 2.1% 92.0 92.2 -0.2%

Putnam County Luxury Home Sales - $1 Million & Higher

  Q1-2013 Q1-2012 % Change Full Year 2012 Full Year 2011 % Change

Homes Sold 2 2 0.0% 11 11 0.0%

Total Dollar Volume $2,900,000 $2,600,000 11.5% $17,952,500 $20,695,000 -13.3%

Median Sale Price $1,450,000 $1,300,000 11.5% $1,420,000 $1,450,000 -2.1%

Average Price Per Square Foot $383 $235 63.0% $389 $450 -13.6%

Average Days on Market 283 255 11.0% 252 241 4.6%

% Sale Price to List Price 91.3 82.0 11.3% 87.8 90.7 -3.2%

Dutchess County Luxury Home Sales - $1 Million & Higher

  Q1-2013 Q1-2012 % Change Full Year 2012 Full Year 2011 % Change

Homes Sold 6 3 100.0% 23 21 9.5%

Total Dollar Volume $17,070,000 $4,175,000 308.9% $42,061,500 $66,445,450 -36.7%

Median Sale Price $1,562,500 $1,225,000 27.6% $1,375,000 $1,500,000 -8.3%

Average Price Per Square Foot $660 $383 72.3% $532 $564 -5.7%

Average Days on Market 266 291 -8.6% 295 262 12.6%

% Sale Price to List Price 85.8 80.8 6.2% 88.2 78.1 12.9%

Source: Hudson Gateway Multiple Listing Service & Mid-Hudson Multiple Listing Service.

Luxury Market Report1st Quarter 2013

Westchester County Luxury Home Sales$2 Million & Higher

Source: Hudson Gateway Multiple Listing Service & Mid-Hudson Multiple Listing Service, 1/1/2012 – 12/31/2012.

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

Houlihan Lawrence 55%

17%

6%

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

Houlihan Lawrence 40%

9%

7%

Homes selling between $2 and $3 Million represented the most active price range in Westchester. Furthernorth, 7 of the 8 Putnam/Dutchess sales traded under $2 Million

A sizeable improvement reported in 1st Quarter 2013 occurred in the $5-$10 Million segment

A Dutchess County equestrian estate, which sold for $9.5 Million, represented the top sale in the entireregion year-to-date

Westchester County Luxury Home Sales

Price Range Q1-2013 Q1-2012 % Change Full Year 2012 Full Year 2011 % Change

$2,000,000 - $2,999,999 21 30 -30% 167 150 11%

$3,000,000 - $4,999,999 6 10 -40% 67 56 19%

$5,000,000 - $9,999,999 4 2 100% 15 13 15%

$10,000,000 and up 0 0 Not Valid 2 2 0%

Market Totals 31 42 -26% 251 221 14%

Source: Hudson Gateway Multiple Listing Service & Mid-Hudson Multiple Listing Service

Putnam & Dutchess County Luxury Home Sales

Price Range Q1-2013 Q1-2012 % Change Full Year 2012 Full Year 2011 % Change

$1,000,000 - $1,999,999 7 5 40% 28 24 16%

$2,000,000 and up 1 0 Not Valid 6 9 -33%

Market Totals 8 5 60% 34 33 3%

Source: Hudson Gateway Multiple Listing Service & Mid-Hudson Multiple Listing Service

Harrison emerged as the most active luxury market for 1st Quarter with a total of 5 sales

The top sale in Westchester County - a Larchmont Manor waterfront property that closed for $7.5Million - contributed to Mamaroneck’s second place tie for the period

Rye, Scarsdale and Bronxville maintained strong sales for the quarter as well

Top Luxury Markets

Westchester County Luxury Home Sales$2 Million & Higher

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

Harrison 5 $2,850,000 $3,455,000

Byram Hills 4 $2,729,950 $3,900,000

Mamaroneck 4 $2,562,500 $7,570,777

Rye City 4 $2,317,500 $3,595,000

Scarsdale 3 $2,355,000 $5,000,000

Bronxville 2 $4,500,000 $7,000,000

Chappaqua 2 $2,875,000 $3,500,000

Irvington 2 $2,137,000 $2,199,000

Putnam County Luxury Home Sales$1 Million & Higher

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

Haldane 2 $1,450,000 $1,800,000

Dutchess County Luxury Home Sales$1 Million & Higher

Town/City # of Sales Median Luxury Sale Price Highest Sale Price

Washington 2 $5,700,000 $9,500,000

La Grange 1 $1,750,000 $1,750,000

Stanford 1 $1,355,000 $1,355,000

Milan 1 $1,190,000 $1,190,000

North East 1 $1,375,000 $1,375,000

Source: Hudson Gateway Multiple Listing Service & Mid-Hudson Multiple Listing Service

Reduced inventories and a large number of pending sales has continued to stimulate the high demandfor luxury properties in Southern Westchester CountyThough inventory levels have also declined in Northern Westchester, Putnam and Dutchess counties,the smaller pool of luxury buyers continues to pose challenges

Supply/Demand Snapshot

Southern Westchester County - $2 Million & Higher

As of March 31, 2013 As of March 31, 2012 2013 vs. 2012

Price Range

SUPPLYActiveListings

DEMANDPending

Sales

Supply/DemandRatio*

SUPPLYActiveListings

DEMANDPending

Sales

Supply/DemandRatio*

%Change inListings

%Change inPendings

$2,000,000 - $2,999,999 127 53 2 136 41 3 -6.6% 29.3%$3,000,000 - $4,999,999 71 16 4 62 15 4 14.5% 6.7%$5,000,000 - $9,999,999 20 5 4 25 3 8 -20.0% 66.7%$10,000,000 and up 9 0 Not Valid 6 0 Not Valid 50.0% 0.0%

*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

As of March 31, 2013 As of March 31, 2012 2013 vs. 2012

Price Range

SUPPLYActiveListings

DEMANDPending

Sales

Supply/DemandRatio*

SUPPLYActiveListings

DEMANDPending

Sales

Supply/DemandRatio*

%Change inListings

%Change inPendings

$2,000,000 - $2,999,999 71 10 7 69 12 6 2.9% -16.7%$3,000,000 - $4,999,999 44 5 9 39 2 20 12.8% 150.0%$5,000,000 - $9,999,999 15 2 8 21 0 Not Valid -28.6% 0.0%$10,000,000 and up 12 0 Not Valid 10 1 10 20.0% -100.0%

*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

Putnam County - $1 Million & HigherAs of March 31, 2013 As of March 31, 2012 2013 vs. 2012

Price Range

SUPPLYActiveListings

DEMANDPending

Sales

Supply/DemandRatio*

SUPPLYActiveListings

DEMANDPending

Sales

Supply/DemandRatio*

%Change inListings

%Change inPendings

$1,000,000 - $1,999,999 28 1 28 33 2 17 -15.2% -50.0%$2,000,000 and up 12 0 Not Valid 19 1 19 -36.8% -100.0%

*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

Dutchess County - $1 Million & HigherAs of March 31, 2013 As of March 31, 2012 2013 vs. 2012

Price Range

SUPPLYActiveListings

DEMANDPending

Sales

Supply/DemandRatio*

SUPPLYActiveListings

DEMANDPending

Sales

Supply/DemandRatio*

%Change inListings

%Change inPendings

$1,000,000 - $1,999,999 56 5 11 67 2 34 -16.4% 150.0%$2,000,000 and up 48 2 24 56 2 28 -14.3% 0.0%

*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 & Mid-Hudson Multiple Listing Service. Southern Westchester (Zones 3-8), Northern Westchester (Zone 1-2).

Ten-Year Market History

Westchester CountyHomes Sold $2 Million & Higher

Putnam CountyHomes Sold $1 Million & Higher

Dutchess CountyHomes Sold $1 Million & Higher

Source: Hudson Gateway Multiple Listing Service & Mid-Hudson Multiple Listing Service.

Luxury Market Report1st Quarter 2013

Houlihan Lawrence presents a selection of the world’s most exclusive properties from our global networks

LYONS DEMESNE

Kildare, IrelandPrice Upon Request

Christie's International Real Estate

PRIVATE 100 ACRE ISLAND

Little Bokeelia Island, FLOffered at $29,500,000

Luxury Portfolio International

CASA DE CAMPO ENCLAVE

Dominican RepublicOffered at $19,500,000

Christie's International Real Estate

FAIRHOLME

Newport, Rhode IslandOffered at $17,900,000

Christie's International Real Estate

HI-RISE LIVING

Hong Kong, ChinaOffered at $78,000,000

Luxury Portfolio International

COUNTRY CHARM

Arlington, EnglandOffered at $1,288,175

Mayfair International Realty

ELEGANT TOWNHOME

Paris, FrancePrice Upon Request

Christie's International Real Estate

BEACHFRONT VILLA

Phuket, ThailandOffered at $5,950,000

Luxury Portfolio International

AGAPANTHUS

Paget, BermudaOffered at $19,500,000

Mayfair International Realty

For personalized service on these featured properties contact Elizabeth Nunan 1.888.454.7356 [email protected]