Q2 luxury

LUXURY MARKET REPORT 2ND QUARTER 2014

Presented By

ANTHONY CUTUGNOSenior Vice President

Director of Private Brokerage

Direct: [email protected]

HoulihanLawrence.com

EXECUTIVE SUMMARYSECOND QUARTER 2014

We are pleased to present our Second Quarter Luxury Market Report summarizing sales activity for propertiespriced at $3 Million or more in Greenwich, $2 Million+ in Westchester County and $1 Million+ in Putnam andDutchess Counties.

Sales are up throughout our marketing territory year-to-date reflecting a steadily improving luxury market.Greenwich enjoyed an especially strong quarter with dramatic gains in all luxury price ranges and a total of 8 sales of$10 Million or more. The highly publicized sale of the 50-acre waterfront property known as Copper Beech Farm for$120 Million represented one of the top sales in the U.S. and brought worldwide attention to this thrivingmarketplace.

Home sales in Westchester County were less newsworthy but remained stable nonetheless. Despite a dip in quartervs. quarter sales, year-to-date sales reflect a 12.3% gain vs. 2013, bolstered by the unusually active First Quarter weexperienced this year. The majority of sales occurred under $5 Million, with the heaviest activity in the $2 Million -$2.999 Million range. Sales exceeding $10 Million have always been rare in Westchester, Putnam and Dutchesscounties but we are hoping that the new confidence seen in Greenwich will influence neighboring areas favorably.Presently, there are 3 properties under contract for $10 Million+ in Westchester County as compared to 5 propertiesin Greenwich.

Despite the widespread attention given to the region’s trophy sales, the high inventory of luxury properties remainsan on-going challenge in many of the markets we represent. Greenwich and Southern Westchester locales close toNew York City enjoy a balanced supply/demand ratio at the moment while high inventory and a smaller pool ofbuyers continue to impact our northern marketplaces. However, the increase in weekend buyers that started at theend of 2013 is continuing and we are optimistic that sales to this important buyer segment will strengthen as we moveinto late summer and fall.

Sincerely,

Anthony Cutugno

Senior Vice PresidentDirector of Private Brokerage

THE POWER OF LEADERSHIPMeans never standing still. Our team of real estate experts are the top ranked, operating from a regional network of 26 offices, making us the number one selling real estate brokerage in New York City’s northern suburbs.

Building an esteemed network does not happen overnight. We have been developing our powerfulconnections for 125 years. We understand world-wide markets. We have the largest global network with international connections across 6 continents, with partners in 56 countries. Andby integrating smarter data and the newest digital platforms, we continue to stay one step ahead.

Proven and Proving it.

THE FUTURE OF REAL ESTATE SINCE 1888

LUXURY MARKET REPORT2nd QUARTER 2014

In Westchester County, the decrease in Second Quarter has been offset by robust First Quarter sales yielding healthyimprovements Year-to-Date vs. 2013Luxury sales in Greenwich skyrocketed, thanks to a number of top-tier sales including a record-breaking $120 Million salewhich skewed the quarter vs. quarter Dollar Volume comparisonSizeable quarter vs. quarter gains were reported for both Putnam and Dutchess counties

WESTCHESTER COUNTY LUXURY HOME SALES | $2M AND HIGHER

Q22014

Q22013

%CHANGE

YTD2014

YTD2013

%CHANGE

HOMES SOLD 78 91 -14.3% 137 122 12.3%

TOTAL DOLLAR VOLUME $218,771,371 $270,467,250 -19.1% $405,391,521 $368,891,927 9.9%

MEDIAN SALE PRICE $2,571,550 $2,470,000 4.1% $2,675,000 $2,477,500 8.0%

AVERAGE PRICE PER SQUARE FOOT $524 $564 -7.1% $552 $565 -2.3%

AVERAGE DAYS ON MARKET 133 197 -32.5% 173 215 -19.5%

% SALE PRICE TO LIST PRICE 95.9% 93.1% 3.0% 95.2% 93.1% 2.3%

GREENWICH, CT LUXURY HOME SALES | $3M AND HIGHER

Q22014

Q22013

%CHANGE

YTD2014

YTD2013

%CHANGE

UNITS SOLD 57 31 83.9% 88 54 63.0%

TOTAL DOLLAR VOLUME $402,425,453 $158,111,104 154.5% $555,406,753 $270,376,838 105.4%

MEDIAN SALE PRICE $3,990,000 $4,100,000 -2.7% $4,000,000 $4,287,500 -6.7%

AVERAGE PRICE PER SQUARE FOOT $857 $726 18.0% $815 $710 14.8%

AVERAGE DAYS ON MARKET 215 235 -8.5% 237 262 -9.5%

% SALE PRICE TO LIST PRICE 92.5% 90.4% 2.3% 92.4% 91.5% 1.0%

PUTNAM AND DUTCHESS COUNTY LUXURY HOME SALES | $1M AND HIGHER

Q22014

Q22013

%CHANGE

YTD2014

YTD2013

%CHANGE

HOMES SOLD 9 7 28.6% 18 15 20.0%

TOTAL DOLLAR VOLUME $15,250,000 $12,911,250 18.1% $31,318,200 $32,881,250 -4.8%

MEDIAN SALE PRICE $1,400,000 $1,400,000 0.0% $1,425,000 $1,400,000 1.8%

AVERAGE PRICE PER SQUARE FOOT $383 $435 -12.0% $422 $518 -18.5%

AVERAGE DAYS ON MARKET 186 242 -23.1% 265 257 3.1%

% SALE PRICE TO LIST PRICE 90.7% 89.7% 1.1% 90.5% 87.8% 3.1%Source: Hudson Gateway Multiple Listing Service, Mid-Hudson Multiple Listing Service and Greenwich Multiple Listing Service.


Test

Year-to-date, Westchester County registered increases for homes priced under $5 MillionThe vigor of Greenwich’s luxury market is apparent in all price categories, especially for properties selling for $10 Million ormoreLuxury sales are moving upward in Putnam and Dutchess counties

WESTCHESTER COUNTY LUXURY HOME SALES

Q22014

Q22013

%CHANGE

YTD2014

YTD2013

%CHANGE

$2,000,000 - $2,999,999 61 64 -4% 98 85 15%

$3,000,000 - $4,999,999 15 21 -28% 30 27 11%

$5,000,000 - $9,999,999 2 5 -60% 9 9 0%

$10,000,000 and up 0 1 -100% 0 1 -100%

GREENWICH, CT LUXURY HOME SALES

Q22014

Q22013

%CHANGE

YTD2014

YTD2013

%CHANGE

$3,000,000 - $3,999,999 29 15 93% 43 23 87%

$4,000,000 - $4,999,999 12 6 100% 19 12 58%

$5,000,000 - $9,999,999 11 8 37% 18 17 5%

$10,000,000 and up 5 2 150% 8 2 300%

PUTNAM AND DUTCHESS COUNTY LUXURY HOME SALES

Q22014

Q22013

%CHANGE

YTD2014

YTD2013

%CHANGE

$1,000,000 - $1,999,999 5 4 25% 12 11 9%

$2,000,000 and up 4 3 33% 6 4 50%

Source: Hudson Gateway Multiple Listing Service, Mid-Hudson Multiple Listing Service and Greenwich Multiple Listing Service


TOP LUXURY MARKETS

Southern Westchester locales remain the most popular areas for high-end buyers except for Bedford, which showed renewedstrength with its second place finish

The highest sale in Greenwich was the 50-acre waterfront property, Copper Beech Farm, which sold for $120 Million

In Putnam and Dutchess counties, the sale of a modernist hilltop home for $2.725 Million in Clinton represented the highestsale for the quarter


SCHOOL DISTRICT # OF SALES MEDIAN LUXURY SALE PRICE HIGHEST SALE PRICE

SCARSDALE 14 $2,872,000 $4,328,000BEDFORD 11 $2,850,000 $4,192,500BRONXVILLE 10 $2,437,500 $3,110,000RYE CITY 10 $2,440,000 $3,500,000MAMARONECK 9 $2,500,066 $4,000,000


TOWN/CITY # OF SALES MEDIAN LUXURY SALE PRICE HIGHEST SALE PRICE

GREENWICH 42 $4,209,032 $120,000,000OLD GREENWICH 7 $3,925,000 $4,800,000RIVERSIDE 6 $3,550,000 $4,100,000COS COB 0 $0 $0

PUTNAM AND DUTCHESS COUNTY LUXURY HOME SALES | $1M AND HIGHER

SCHOOL DISTRICT/CITY/TOWN # OF SALES MEDIAN LUXURY SALE PRICE HIGHEST SALE PRICE

GARRISON 2 $1,350,000 $1,400,000NORTH EAST 2 $1,600,000 $2,000,000HALDANE 1 $2,000,000 $2,000,000MAHOPAC 1 $1,100,000 $1,100,000STANFORD 1 $1,325,000 $1,325,000CLINTON 1 $2,725,000 $2,725,000

Source: Hudson Gateway Multiple Listing Service, Mid-Hudson Multiple Listing Service and Greenwich Multiple Listing Service


SUPPLY/DEMAND SNAPSHOT

SOUTHERN WESTCHESTER COUNTY LUXURY HOME SALES | $2M AND HIGHER

AS OF JUNE 30, 2014 AS OF JUNE 30, 2013 2014 vs. 2013

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$2,000,000 - $2,999,999 153 72 2 147 66 2 4.1% 9.1%

$3,000,000 - $4,999,999 101 27 4 61 19 3 65.6% 42.1%

$5,000,000 - $9,999,999 46 12 4 29 11 3 58.6% 9.1%

$10,000,000 and up 11 1 11 11 0 Not Valid 0.0% 0.0%

NORTHERN WESTCHESTER COUNTY LUXURY HOME SALES | $2M AND HIGHER



DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*


DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$2,000,000 - $2,999,999 103 19 5 89 17 5 15.7% 11.8%

$3,000,000 - $4,999,999 52 3 17 43 2 22 20.9% 50.0%

$5,000,000 - $9,999,999 25 2 13 21 4 5 19.0% -50.0%

$10,000,000 and up 10 2 5 11 2 6 -9.1% 0.0%




DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*


DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$3,000,000 - $3,999,999 97 20 5 109 16 7 -11.0% 25.0%

$4,000,000 - $4,999,999 62 6 10 71 2 36 -12.7% 200.0%

$5,000,000 - $9,999,999 122 11 11 104 5 21 17.3% 120.0%

$10,000,000 and up 58 5 12 41 5 8 41.5% 0.0%

PUTNAM COUNTY LUXURY HOME SALES | $1M AND HIGHER



DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*


DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$1,000,000 - $1,999,999 19 0 Not Valid 19 5 4 0.0% -100.0%

$2,000,000 and up 19 0 Not Valid 13 0 Not Valid 46.2% 0.0%

DUTCHESS COUNTY LUXURY HOME SALES | $1 AND HIGHER



DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*


DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$1,000,000 - $1,999,999 19 1 19 14 1 14 35.7% 0.0%

$2,000,000 and up 11 0 Not Valid 15 3 5 -26.7% -100.0%*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 and Greenwich Multiple Listing Service.


TEN-YEAR MARKET HISTORY



Source: Hudson Gateway, Mid-Hudson and Greenwich Multiple Listing Service. *2014 homes sold are annualized based on actual sales year-to-date.


TEN-YEAR MARKET HISTORY

PUTNAM COUNTY LUXURY HOME SALES | $1M AND HIGHER

DUTCHESS COUNTY LUXURY HOME SALES | $1 AND HIGHER

Source: Hudson Gateway, Mid-Hudson and Greenwich Multiple Listing Service. *2014 homes sold are annualized based on actual sales year-to-date.

WATERFRONT PROPERTIES

ON MILTON HARBOR, RYE

Offered at $10,900,000Rye Brokerage 914.967.7680

PREMIUM POINT, MAMARONECK

Offered at $7,999,888Larchmont Brokerage 914.833.0420

WATERFRONT LIVING, OLD GREENWICH

Offered at $2,995,000Greenwich Brokerage 203.869.0700

GREATEST ESTATES

TWIN PONDS, BEDFORD CORNERS

Offered at $25,000,000Bedford/Pound Ridge Brokerage 914.234.9099

GEORGIAN MANOR, GREENWICH


MASTERTON WOODS, BRONXVILLE

Offered at $10,000,000Bronxville Brokerage 914.337.0400

MODERN ELEGANCE

CAROLYN PLACE, CHAPPAQUA

Offered at $6,495,000Armonk Brokerage 914.273.9505

SYLVAN MANOR, PURCHASE


HIGH MEADOWS, MOUNT KISCO

Offered at $2,895,000Briarcliff Manor Brokerage 914.762.7200

A SELECTION OF OUR RECENT LUXURY OFFERINGS


EQUESTRIAN PROPERTIES

SANDSWEPT HILL, GREENWICH


SASSAFRAS FARM, SOUTH SALEM

Offered at $4,950,000Bedford/Pound Ridge Brokerage 914.234.9099

HIDDEN BROOK FARM, SALT POINT

Offered at $3,750,000Millbrook Brokerage 845.677.6161

COUNTRY RETREATS

BEVERLY FARM, GARRRISON

Offered at $3,900,000Cold Spring Brokerage 845.265.5500

THE STONE HOUSE, POUND RIDGE

Offered at $2,500,000Pound Ridge/Bedford Brokerage 914.764.5762

CASTLE HILL, STANFORDVILLE

Offered at $1,600,000Millbrook Brokerage 845.677.6161

HISTORIC TREASURES

HIDDEN BROOK FARM, PURCHASE


RIVERSIDE CLASSIC

Offered at $6,875,000 Greenwich Brokerage 203.869.0700

BEECHWOOD, SCARBOROUGH

Offered at $1,995,000Briarcliff Manor Brokerage 914.762.7200

A SELECTION OF OUR RECENT LUXURY OFFERINGS


914.234.0308HOULIHANLAWRENCE.COM

HOULI HAN LAWRENCEPRI VATE BROKERAGE

Designed expressly for our region’s most exceptional properties,Houlihan Lawrence Private Brokerage offers discreet advisoryand brokerage services to our valued luxury clients. Since itsinception in 1990, our exclusive luxury program directed bySenior Vice President, Anthony P. Cutugno has earned areputation for personalized boutique-style service andnuanced marketing that best serves the interests of our clientele.Known for our prudence and reliability, Houlihan Lawrencehas worked with many of the area’s most prominent families,charitable trusts, banks and estate trustees in facilitating thesale of the region’s most prestigious properties.

Based on the private banking model, Tony is personally involvedin every transaction offering invaluable insight and advice honedby decades of experience in international trade and luxuryreal estate.

What sets Private Brokerage apart is our ability to leverageHoulihan Lawrence’s vast resources and impressive global partnersto successfully position a property within the internationalmarketplace. With a reach that extends to 6 continents, HoulihanLawrence Private Brokerage understands the world of luxuryand has cultivated relationships with international partnersand high net-worth clients across the globe. These world-classconnections supported by the personal oversight of Tony andhis Private Brokerage team create a powerful combinationthat drives results year-after-year.

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Q2 luxury