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Real Estate

Sheila Stoltz and Susan Kelty Law Among 40 Recipients of Houlihan Lawrence Emerald Awards PDF Print Email


By Staff

Feb. 20, 2019:  The real estate firm Houlihan Lawrence announced the recipients of its annual Emerald Awards this week. According to the announcement, this recognition is awarded “to the top forty of the company’s 1,300 agents based on their performance over the past calendar year.” Among the forty recipients were two Bronxville agents, Sheila Stoltz and Susan Kelty Law.

The company recognized individuals from across the firm’s thirty offices, which are in Westchester, Connecticut, and the lower Hudson Valley.   

Pictured here: The Houlihan Lawrence office in Bronxville.

Photo by N. Bower

Uber-Luxury Real Estate Market North of NYC Experienced Notable Growth in 2018 PDF Print Email


By Dean Bender, Thompson & Bender, for Houlihan Lawrence

Feb. 6, 2019:  While luxury markets north of New York City registered losses in 2018, the uber-luxury segment of the market demonstrated notable growth, according to the Houlihan Lawrence Luxury Market Report.

Sales over $10 million peaked in Westchester County in 2018. Houlihan Lawrence represented David Rockefeller’s country estate, Hudson Pines. Listed for $22 million, Hudson Pines sold for $33 million and was the highest recorded sale in Westchester County. In total, five sales closed over $10 million in 2018--a large gain from a single sale in 2017--and exceeded the previous high set in 2005.

In Greenwich, ten sales closed over $10 million, an uptick from 2017 and the third consecutive year of gains in this price bracket. The highest sale of the year was a Georgian estate in Mid-Country. Its selling price of $17.5 million was half its original $35 million asking price, underscoring that even an eight-digit buyer seeks a fair price that represents value.

These exceptional but finite sales did not make up for the overall decline in luxury sales. In Westchester, Darien, and New Canaan, luxury sales ($2 million and higher) declined by double digits in 2018. Fewer luxury homes sold in Putnam/Dutchess ($1 million and higher), and Greenwich ($3 million and higher) ended the year with a slight 3% decline. 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 New York City 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 New York City 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,” said Anthony Cutugno, senior vice president, director of private brokerage of Houlihan Lawrence.

Cutugno said 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 have 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,” he said.

Photo courtesy Houlihan Lawrence

Editor's note: As a public service, MyhometownBronxville publishes articles from local institutions, officeholders, and individuals. MyhometownBronxville does not fact-check statements therein, and any opinions expressed therein do not necessarily reflect the thinking of its staff




Westchester, Putnam, and Dutchess Counties Finish 2018 with Slower Housing Sales and Higher Inventory in Most Markets PDF Print Email


By Dean Bender, Thompson & Bender, for Houlihan Lawrence

Jan. 23, 2019:  The real estate markets in the suburbs north of New York City finished 2018 with generally slower sales, higher inventory in most markets, and a decline in pending sales, according to a report released by Houlihan Lawrence.

Home sales in Westchester County were down 4.6% from the prior year, while sales in Putnam County were up slightly by 3 percent. Dutchess County sales declined 6.6% for the year. Meanwhile, median sale prices were somewhat higher in all three counties: Westchester ($650,000, up 1.2%), Putnam ($350,000, up 4%), and Dutchess ($281,500, up 8.3%).

Inventory in Westchester grew by 9.5%, with the New York City Gateway submarket (Mount Vernon, Yonkers, New Rochelle, and Pelham) posting the highest increase in inventory of 35.2 percent. Putnam’s inventory remained virtually unchanged from the prior year, while inventory in Dutchess declined by 11.8 percent. The number of pending sales in Westchester and Putnam fell 10.9% and 11.4%, respectively, while pending sales in Dutchess declined by 17.2 percent.

Here are some highlights from the year-end report

Westchester communities reporting double-digit increases in total sales for the year, including Peekskill (33%), Hastings (25%), Rye Neck (26%), Greenburgh (14%), Pleasantville (13%), and Somers (10%).  Rivertown communities such as Peekskill and Hastings continue to attract buyers from New York City.

In Dutchess, the sales leaders were Clinton (27%), Beacon (20%), and East Fishkill (14%). Dutchess is enjoying an influx of residents from Brooklyn looking for a more relaxed country lifestyle, especially in the Village of Beacon, which is undergoing a downtown revival.

In Putnam, Haldane, Mahopac, and Brewster all posted double-digit sales gains for the year of 33%, 11%, and 12%, respectively.

Submarkets at a Glance  

NYC Gateway (Mount Vernon, New Rochelle, Pelham, and Yonkers)
Homes Sold: down 8%
Median Sale Price: up 5%

Lower Westchester (Bronxville, Eastchester, Edgemont, Scarsdale, and Tuckahoe)
Homes Sold: down 11%
Median Sale Price: down 9%

Rivertowns (Ardsley, Dobbs Ferry, Hastings, Mount Pleasant, Pleasantville, Tarrytown, Briarcliff Manor, Elmsford, Irvington, Ossining, Pocantico Hills)
Homes Sold: down 2%
Median Sale Price: up 2%

Greater White Plains (Greenburgh, Valhalla, and White Plains)
Homes Sold: up 4%
Median Sale Price: up 5%

Sound Shore (Blind Brook, Harrison, Mamaroneck, Port Chester, Rye City, and Rye Neck)
Homes Sold: down 1%
Median Sale Price: up 2%

Northern Westchester (Bedford, Byram Hills, Chappaqua, Katonah-Lewisboro, North Salem, and Somers)
Homes Sold: down 7%
Median Sale Price: up 1%

Northwest Westchester (Croton-on-Hudson, Hendrick Hudson, Lakeland, Peekskill, and Yorktown)
Homes Sold: down 4%
Median Sale Price: up 4%

Putnam County (Brewster, Carmel, Garrison, Haldane, Lakeland, Mahopac, and Putnam Valley)
Homes Sold: up 3%
Median Sale Price: up 4%

Southwest Dutchess (Beacon, East Fishkill, Fishkill, La Grange, Poughkeepsie, City of Poughkeepsie, and Wappinger)
Homes Sold: down 3%
Median Sale Price: up 10%

Southeast Dutchess (Beekman, Dover, Pawling, and Union Vale)
Homes Sold: down 12%
Median Sale Price: up 8%

Northwest Dutchess (Clinton, Hyde Park, Milan, Pleasant Valley, Red Hook, and Rhinebeck)
Homes Sold: down 14%
Median Sale Price: up 9%

Northeast Dutchess (Amenia, North East, Pine Plains, Stanford, and Washington)
Homes Sold: down 13%
Median Sale Price: down up 11%

Photo courtesy Dean Bender, Thompson & Bender, for Houlihan Lawrence

Editor's note: As a public service, MyhometownBronxville publishes articles from local institutions, officeholders, and individuals. MyhometownBronxville does not fact-check statements therein, and any opinions expressed therein do not necessarily reflect the thinking of its staff. 

Real Estate News: Lawrence Park West Featured in the 'New York Times' as 'Affluent Setting, Without the Price Tag' PDF Print Email


By Staff

Nov. 21, 2018:  On November 14, 2018, Lawrence Park West was featured in the New York Times in an article titled "Lawrence Park West, Yonkers: Affluent Setting, Without the Price Tag." This article features neighborhoods we know well as well as some local residents. For those of you who didn't get a chance to read it, we are providing a link below. Enjoy.

At first blush, Yonkers might appear no different than its better-known, opposite-bank counterpart; historic houses, winding streets and mature trees adorn both. But in the neighborhood of Lawrence Park West — which encompasses adjacent enclaves like Cedar Knolls, Longvale and Armour Villa — properties can trade for a third of the cost of similar Bronxville versions. Taxes are also steeply discounted relative to those of their neighbor, another major selling point. 

NYT, November 14, 2018. Click here to read more.

Pictured here: A street in Lawrence Park West.

Photo by N. Bower

Westchester Commercial Real Estate Market Report for 3rd Quarter 2018 PDF Print Email


By Dean Bender, Thompson & Bender, for Houlihan Lawrence

Nov. 14, 2018: Multifamily apartments and industrial properties continue to perform well in Westchester, while other sectors of the county's commercial real estate market, especially retail and office properties, are facing strong headwinds, according to a new third-quarter report from Houlihan Lawrence's Commercial Group.

Tenants in multifamily apartments that are near train lines seem happy to shrug off the noise of a passing railroad in their desire to have convenient access to New York City. According to industry data, net absorption during Q3 2018 was 3.8 times higher than Q3 2017 and the year-to-date trend is similar. There were fewer deliveries of newly built rental units this quarter, but the pipeline of new construction has increased.

Industrial properties are also enjoying firm fundamentals, as they have become a critical link in evolving consumer fulfillment networks supporting digital retail platforms. Pressure to increase the productivity of these supply chains will inevitably bring multistory warehouses, similar to ones in Japan, to areas where land is scarce and proximity to the consumer is critical to business survival, according to the report.

Vacancy rates for industrial and flex properties are lower and rental rates are slowly increasing. Overall industrial property demand is strong, with a low inventory of state-of-the-art facilities in southern Westchester.

Retail and office properties, on the other hand, face challenges as many of their traditional users are being forced to drastically change their business models. Smaller retail formats offering basic consumer services are finding that they need to provide an updated appearance, convenient parking, and even a food retailer or bank branch to bring in traffic, according to the report.

In the retail sector, industry data shows an overall vacancy of 3.6% and availability of 6.5%. New vacancies/availability, not included in this data, may impact the market imminently as retailers such as Mattress Firm and Sears restructure or shutter operations.

At a time when Manhattan office leasing volume is hitting a multiyear high, leasing trends in Westchester remain weak. "On the ground, our observation is that established companies are going forward with deals in the locations that best fit their business strategy," said Thomas LaPerch, Director of the Commercial Group. "Smaller tenants and newly formed businesses, on the other hand, continue to be hesitant to commit to longer lease terms."

"As headwinds emerge in the CRE markets and risk appetite of buyers and sellers changes, a real knowledge of local market dynamics is crucial to help buyers/sellers (landlord/tenants) achieve their transaction goals," Houlihan Lawrence Commercial Group agent Teresa Marzano. "Assets benefit from being priced and positioned properly from the start and clients profit from a clear definition of their objectives. In this environment, more than ever, time is of the essence."

Pictured here: Villa BXV, a condominium complex in Bronxville that borders the train station.

Photo by N. Bower

Editor's note: As a public service, MyhometownBronxville publishes articles from local institutions, officeholders, and individuals. MyhometownBronxville does not fact-check statements therein, and any opinions expressed therein do not necessarily reflect the thinking of its staff.

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